Analytics, Cargo, Lithuania, Railways, Transport

International Internet Magazine. Baltic States news & analytics Wednesday, 27.05.2020, 05:58

Drop in coal, oil flows stopped Lithuanian Railways from growing further

BC, Vilnius, 12.07.2019.Print version
Lithuania's state-run railway company Lietuvos Gelezinkeliai (Lithuanian Railways, LG) and its cargo subsidiary LG Cargo posted 226.7 mln euros in revenue in January-June, up 2.3% from 221.7 mln euros last year, based on preliminary figures.

"We are observing changes to the cargo flows in the cargo market. We are putting a lot of effort to be flexible and adapt to the changing needs of our clients and preserve our leading position in a competitive Baltic market," Mantas Bartuska, CEO at LG, said in a statement.

LG Cargo carried 26.9 mln tons of cargo during the period, down 1% from the same period last year. The change was mainly affected by a major drop in coal prices due to warm weather and subsequently lower coal transportation volumes, as well as the temporary halt of transportation of Belarusian oil product due to the contamination of Russian oil in th Druzhba oi pipeline, LG said.

The company also carried 2.825 mln passengers in the six months, up 15.3% from 2.450 mln a year ago.

In 2018, LG lifted revenue 10.4% to 495.8 mln euros and its net profits doubled to 54.8 mln euros. The company plans to pay 43 million euros in dividends to the state.

LG carried 56.8 mln tons of cargo last year, up 7.9% from 52.6 mln tons in 2017. And passengers numbers rose 11% to 5.169 mln euros.

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