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International Internet Magazine. Baltic States news & analytics Monday, 16.09.2019, 03:49

Rigas Satiksme posts EUR 2 mln in H1 profit

BC, Riga, 21.08.2019.Print version
Rigas Satiksme municipal transport company closed the first half of 2019 with EUR 95.675 mln in turnover, which is an increase of 19.9 percent against the same period in 2018, and the company made a EUR 2.048 mln profit, recovering from a loss incurred a year ago, according to the information released by the transport company, reported LETA.

According to the company’s financial statement for the first half of 2019, revenue from passenger transportation grew by EUR 3.173 mln on year to EUR 24.87 mln. The revenue increase was achieved on account of minibus services provided by subcontractor Rigas Mikroautobusu Satiksme (RMS).


Revenue generated from parking services came to EUR 6.727 mln in the first half of this year, down 1.6 percent or EUR 107,900 from the same period a year ago.


Compared to the first half of 2018, government and municipal funding for public transportation services grew by EUR 12.796 mln this year.


The transport company’s operating expenditure rose by 10.8 percent or EUR 9.144 mln on year to EUR 94.052 mln in January-June 2019. The cost increase was mainly on account of RMS’ involvement in the provision of public transport services, Rigas Satiksme said.


During the first half of 2019, Rigas Satiksme carried 74.2 mln passengers in Riga, which included 6.5 mln people carried by minibuses.

Of the passengers carried in the first half of this year, 15 percent paid the full fare and 46 percent used public transport free of charge. Twelve percent of passengers used time tickets and 27 percent traveled on discount fares.

At the end of June, Rigas Satiksme operated 6,598 paid parking lots (6,612 at the end of 2018, 5,989 at the end of 2017).

In the first half of 2018, Rigas Satiksme turned over EUR 79.813 mln and sustained a loss of EUR 6.626 mln.

Fully owned by Riga City Council, Rigas Satiksme provides bus, tram and trolleybus services to passengers in Riga.

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