07 January 2005	Friday	25 Ziqa'ad 1425

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RAWALPINDI, Jan 6: The Pakistan Railways earned a profit of Rs927 million during the first half of the fiscal year 2004-05.

Speaking at a press briefing here on Thursday, Federal Railways Minister Mian Shamim Hyder said the Railways had exceeded the target given to it by Prime Minister Shaukat Aziz. He claimed that the Pakistan Railways' financial position had improved after a very long time.

The Railways was given a target of Rs8,604 million in revenue collection during the period under review. However, the collection surpassed all the targets and reached the figure of Rs9,082 million, showing an increase of Rs477 million.

Similarly, the targeted expenditure of Rs8,181 million was reduced to Rs8,154 million, saving another Rs27 million. There was a net profit of Rs927 million, the minister stated.

The Railways during the period was also able to reduce its State Bank overdraft by Rs704 million. The current SBP overdraft is Rs14 billion. It got Rs1,034 million less in subsidy from the government because of this economic turnaround.

Mr Hyder said the net savings stood at Rs1,738 million. "The things would further improve by the end of the fiscal year." The minister disclosed that his predecessor had employed 8,500 surplus employees, putting enormous economic pressure on the ministry.

He said two committees had been formed to look into the matter and those hired in violation of the rules and regulations would be fired. "These committees are expected to submit their reports in the next 45 days."

Mr Hyder said the ban on trade unions in the Railways would remain intact. Besides, the minister said he would open up all mis doings of the past and would try to rectify them.

In reply to a question, he said the Railways would not be privatized and would only be made a corporation from the next financial year to simplify the decision-making process.