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International Internet Magazine. Baltic States news & analytics Thursday, 09.07.2020, 02:29

Lithuanian Railways' Jan-Jul revenue up 2 pct to EUR 266 mln

BC, Vilnius, 13.08.2019.Print version
Lithuania's state-run railway group Lietuvos Gelezinkeliai (Lithuanian Railways) reported 2% growth in revenue for January through July 2019 amid an increase in passenger traffic and a decline in freight shipments, reported LETA/BNS.

Lietuvos Gelezinkeliai and its subsidiary LG Cargo posted over 266 mln euros in combined revenue from their core operations for the seven months, up from 261 mln euros a year earlier, according to preliminary data. 

"The second half of the year has a lot of challenges in store for us. Amid a decline in transport freight flows, we felt increased competition for freight, which is reflected in our results, too," Lietuvos Gelezinkeliai CEO Mantas Bartuska said in a press release on Tuesday. 

LG Cargo carried 224,000 tons of locally-grown grain in July, a rise of 47% y-o-y, as the grain season started somewhat earlier this year, according to the company.  

LG Cargo's total freight traffic in the seven months edged down by 0.9% y-o-y to 31.7 mln tons due to a decrease in transit coal shipments to Russia's Kaliningrad region and a temporary decline in oil product imports via the port of Klaipeda because of contaminated Russian oil.  

However, fertilizers and building material flows from Belarus as well as oil and locally-produced foodstuff shipments increased. 

Lietuvos Gelezinkeliai carried 3.3 mln passengers in the seven months, up 14% y-o-y. 

The group's annual net profits doubled in 2018 compared with 2017 to 54.8 mln euros as revenue rose by 10.4% to 495.8 mln euros. Freight traffic grew by 7.9% to 56.8 mln tons and passenger numbers were up by 11% to 5.169 mln.

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