Energy, EU – Baltic States, Lithuania, Railways, Transport
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Tuesday, 23.04.2024, 13:46
Lithuanian Railways' H1 net loss soars to EUR 6 mln
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In its first-half report, the state railway company attributed the
higher-than-projected loss to increased fuel costs and higher personnel
expenses due to severance pays, as well as lower revenue due to the revision of
transport tariffs for its biggest customer, Orlen
Lietuva.
The group's consolidated revenue rose by 3.7% year-on-year to 207.96
million euros.
LG and Orlen Lietuva, the Lithuanian unit of
Poland's Orlen that owns the
Mazeikiai crude refinery, last June signed a deal that ended court disputes
between the two companies.
Following the signing of the cooperation agreement, the tariffs applied to Orlen Lietuva for 2014 through 2017 were
recalculated, which resulted in a decrease of 6.8 million euros in LG's
first-half revenue from the crude refinery, according to the report.
LG handled a total
of 24.5 million tons of freight during the first half, a rise of 4.6% on the
same time last year. First-half passenger numbers grew by 3.8% to 2.198
million.
EBITDA remained unchanged at 57.3 million euros, with the EBITDA margin at
28%.
The railway operator is projecting a net profit of 7.3 million euros on
revenue of 410.3 million euros for the full year 2017.
The group, which is 100% owned by the state, employed a workforce of 10,863
in late June, down from 11,980 a year earlier.
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