DECOUPLING OF THE RAILWAY INDUSTRIAL SEGMENT FROM TRANSPORT FINANCIAL PERFORMANCE: EVIDENCE FROM UZBEKISTAN RAILWAYS

National railway holdings combine two economically  different activities: transport operations and industrial enterprises engaged in rolling  stock repair and machine-building. Their performance is usually monitored through  consolidated financial results. If the two segments follow different dynamics,  consolidated indicators misrepresent the efficiency of the industrial segment and,  consequently, the effects of its digitalization.