Lithuania, Railways, Transport

International Internet Magazine. Baltic States news & analytics Sunday, 26.05.2019, 00:26

Lithuanian Railways to pay EUR 34 mln in dividends to state

BC, Vilniaus, 26.07.2018.Print version
Lithuania's state-run railway company Lietuvos Gelezinkeliai (Lithuanian Railways) will pay 34 mln euros in dividends to the state for 2017, in the largest dividend payments since 2012, informs LETA/BNS.

Photo: litrail.lt

"We improved our business results last year and got back onto the tracks of a profitable business. It allowed as to give the state the maximum financial return," Lietuvos Gelezinkeliai CEO Mantas Bartuska was quoted as saying in the statement.


The last time the railway company paid dividends was in 2015 when it transferred 846,000 euros to the state.


The Lietuvos Gelezinkeliai group earned 27 mln euros in net profits, from 52 mln euros of losses in 2016. Its turnover grew 11% to 448.1 mln euros.


Bartuska said in early July that the company's dividends for 2017 should not be below 30 mln euros as the company suffered a loss of this size from transporting passengers.


In early July, Lietuvos Gelezinkeliai announced the company’s strategy until 2030, aimed at doubling the number of passengers to 8 mln euros, increasing cargo volumes 30% to 70 mln tons and raising income 60% to 725 mln euros.

 






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