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International Internet Magazine. Baltic States news & analytics Saturday, 04.07.2020, 08:13

Lithuanian Railways' profit should exceed EUR 50 mln this year, CEO says

BC, Vilnius, 04.12.2019.Print version
Lithuania's state-own railway company Lietuvos Gelezinkeliai (Lithuanian Railways, LG) should post over 50 mln euros in profit this year, just as it did last year, its CEO Mantas Bartuska says.

"We are balancing close to the same result as we did last year. Last year, the whole group earned around 54 mln euros, and we hope to finish this year with a result over 50 mln euros," Bartuska on Wednesday told the parliamentary Committee on Economics, interested in the company's ongoing reform.

In his words, the volumes of Russian cargo are going down across the region but they are counterbalanced by Belarusian cargo.

"The volumes of Russian products are dropping fast in our region. There are new plans announced that the volumes of Russian cargo will be significantly reduced in the Latvian direction," the LG CEO said. "In total, we have a cargo drop of around 2 percent, mainly affected the decrease in Russian cargo to Kaliningrad and Klaipeda. Meanwhile, growing volumes of Lithuanian and Belarusian products counterbalance that. Thee are the two markets that are growing," Bartuska said.

LG posted 54.8 mln euros in ten profit last year, double of what the company earned in 2017. The railway company also paid out record dividends to the state, standing at 43 mln euros.

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