Lithuania, Markets and Companies, Tourism

International Internet Magazine. Baltic States news & analytics Monday, 20.05.2019, 02:14

Lithuania's Novaturas' profit down by third to EUR 5.4 mln

BC, Vilnius, 20.02.2019.Print version
Novaturas, one of the largest tour operators in Lithuania, posted 5.4 million euros in net profits last year, down by a third from a year earlier, the company said via the Nasdaq Vilnius Stock Exchange on Wednesday, informed LETA/BNS.

Sales grew 29% to 181.8 mln euros, and EBITDA dropped by a quarter to 8 million euros. The company served 306,000 clients, 31% more than in 2017.

Novaturas CEO and board chair Audrone Keinyte said in a statement that hot weather persisted throughout June, July and August decreasing demand for outbound travel. This influenced last-minute prices. Besides, Novaturas had to change its aviation partner in the fourth quarter following Small Planet Airlines' bankruptcy.

"The change of aviation partner resulted in write-offs of EUR 0.4 million and further negatively influenced results for the quarter by causing an increase in aviation costs," Keinyte said.

Central European Tour Operator owns 47.4% of Novaturas, with the remaining shares owned by minority shareholders. Novaturas' shares are quoted on the Vilnius and Warsaw stock exchanges.

Search site