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International Internet Magazine. Baltic States news & analytics Wednesday, 20.06.2018, 14:27

LGS air traffic controller will not have to pay dividends from its 2016 profit

BC, Riga, 13.09.2017.Print version
Latvian air traffic controller Latvijas Gaisa Satiksme (LGS), which is responsible for managing air traffic in Latvia, will not have to pay dividends into the state budget from its last year’s profit, the government decided yesterday, cites LETA.

The company thus will be able to spend EUR 285,377 for implementation of investment projects, improvement of safety and quality, ensuring the company’s competitiveness and sustainable development.

The annotation of the government’s decree said that LGS does not receive any subsidies from the state budget. As LGS provides services not only to local airlines, but mostly international carriers, the company has to meet international aviation norms and Latvia’s international obligations.

LGS has planned to invest EUR 40.343 million in development in the time period between 2017 and 2021. The decision to allow the company to forgo dividends will ensure that a part of the planned investments can be financed from the company’s profit.

LGS in 2016 posted EUR 333,738 in profit.

LGS is a fully state-owned company providing air navigation services to air space users.

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