Covid-19, Lithuania, Tourism, Transport

International Internet Magazine. Baltic States news & analytics Saturday, 08.08.2020, 09:43

Novaturas posts loss of EUR 2.2 mln in H1

BC, Vilnius, 30.07.2020.Print version
Novaturas, a leading Lithuanian tour operator, saw its first-half revenue plunge to 23.476 million eurosin 2020, down 71.8 percent from 83.26 million euros in the same period last year, writes LETA/BNS.

Amid an unprecedented crisis in the travel industry triggered by the coronavirus pandemic, the tour operator posted a first-half net loss of 2.244 million euros, versus a net profit of 437,000 euros a year earlier.  

"Due to the restrictions caused by the pandemic, the company suspended its operations from mid-March to July, which had a negative impact on the financial results," Novaturas said in a stock exchange release on Wednesday. 

"And yet the biggest crisis in the history of tourism is managed by the company smoothly and efficiently," it said.  

As part of the measures, the company "immediately undertook strict cost savings and dropped non-priority activities and projects, but sought to save jobs as much as possible."

The company said it cut its first-half operating expenses to 3.6 million euros, down 57.2 percent from 8.5 million euros a year ago.

Adapting to the situation, the group offered accommodation services in Baltic resorts and sightseeing trips by bus in Lithuania as an alternative to foreign travel, according to the statement. 

Novaturas is listed on Nasdaq Vilnius and the Warsaw Stock Exchange. 

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