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International Internet Magazine. Baltic States news & analytics Sunday, 22.09.2019, 03:33

Lithuanian Railways posts EUR 228.9 mln in H1 revenue

BC, Vilnius, 05.09.2019.Print version
Lithuania's state-run railway group Lietuvos Gelezinkeliai (Lithuanian Railways, LG) posted 228.9 mln euros in revenue in the first half of this year, up 2.5% from the same period last year, the company said on Thursday.

The group's profit rose from 18.6 mln euros to 29.5 mln euros. The company says the number sare incomparable as the last year's result does not include the state subsidy to cover the company's losses from providing passenger transportation services, which was paid out in the second half the year.

This year, the subsidy is accounted for every month and is reflected in the first half results. Adjusted for the subsidy and other one-time items, the group's net profit remains fairly unchanged y-o-y.

LG CEO Mantas Bartuska says the group's every segment is facing different challenges but the team is managing successfully.

"We are facing tough competition in the freight transportation sector across the whole region. But by diversifying out activity and looking for new market opportunities we manage to remain competitive and offer the best business solutions. The passenger transportation team is demonstrating great business results, creating comfortable routes, taking into account travelers' needs. The infrastructure directorate is carrying out strategically-important projects, ensuring the safety and effective management of the country's railway network," he said.

LG's revenue from freight transportation services stood at 207.4 mln euros, unchanged from last year, as local transportation volumes helped to compensate for the drop in transit freight volumes.

LG's subsidiary LG Cargo transported 26.9 mln tons of freight in the first half, down by 300,000 tons year-on-year.

And the company carried 2.8 mln passengers, up 15% from the same period last year.

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