Pakistan Railways achieves record earnings in FY2023-24

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Pakistan Railways achieves record earnings in FY2023-24

In the initial six months of the fiscal year 2023-24, Pakistan Railways has accomplished a significant boost in its revenue, with earnings reaching Rs 41 billion, as reported by News.

During the first half of the fiscal year 2023-24, Pakistan Railways generated Rs 41 billion in revenue, exhibiting a notable increase compared to Rs 28 billion in the corresponding period of the previous year.

The CEO of Pakistan Railways expressed optimism, stating that conditions would improve following the introduction of the ML1 project.

Aamir Baloch, the CEO, highlighted improvements in the timely disbursement of salaries to railway employees, ensuring reduced delays and timely payments.

The CEO also conveyed plans for the railway to focus on enhancing its services and expanding travel facilities in the ongoing year.

In December of the preceding year, Pakistan Railways substantially raised the Right of Way (ROW) charges for a single-track crossing to Rs. 3.8 million for five years, aimed at boosting departmental revenue.

Traditionally, Pakistan Railways charged Rs. 100,000 per track crossing for ten years when telecom operators installed fiber broadband, according to the state news agency.

In 2007, these charges were increased to Rs. 2.7 million for five years, coinciding with the expansion of fiber broadband usage.

However, in 2022, the PTI-led government reduced the crossing charges to Rs. 600,000 per crossing for a lifetime to encourage fiber broadband promotion. It was noted that in contrast, cable TV operators continue to pay only Rs. 100 per year.

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