Financial Services, Legislation, Lithuania, Markets and Companies

International Internet Magazine. Baltic States news & analytics Tuesday, 29.07.2014, 17:47

In 2011 Lithuanian state-owned companies earned EUR 41 mln

Danuta Pavilenene, BC, Vilnius, 03.07.2012.Print version
In 2011, the operating profit of state-owned companies was nearly 3.5 times higher than in 2010 and accounted for above LTL 142 million (EUR 41 milion).

Net profit including property and resource taxes to the state amounted to LTL 246.6 million (EUR 71.5 million). However, the general operating profit improved only thanks to transport companies, says the 2011 report of state-owned companies, writes LETA/ELTA.

 

"The report shows how far we have gone since the beginning in 2009 when we started discussing the great responsibility of the state-owned companies. What comes to them, such companies must bring benefit to the state and the nation," said Prime Minister Andrius Kubilius during the presentation of the report.

 

The operating profit of the transport sector companies grew from LTL 116 million to LTL 273 million (from EUR 33.6 million to EUR 79 million). The energy sector companies' loss was by LTL 43 million (EUR 12.5 million) higher than a year ago and amounted to LTL 135 million (EUR 39 million).

 

The top performer among the state-owned companies last year was Lithuanian Railways (Lietuvos Gelezinkeliai) which saw their profit increase from LTL 69 million to LTL 150 million (from EUR 20 million to EUR 43.5 million) on growing income. The company's return on equity stood at 5.6%.

 

The net loss of the Visaginas Nuclear Power Plant increased from LTL 39 million to LTL 109 million (EUR 11 million to EUR 31.5 million).






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