Covid-19, Good for Business, Latvia, Tourism, Transport

International Internet Magazine. Baltic States news & analytics Tuesday, 22.07.2025, 07:17

Tez Tour raises profit by 43.3% in 2019

BC, Riga, 08.09.2020.Print version
Tour operator Tez Tour turned over EUR 39.757 million in 2019, which is an increase of 28.6% against a year before, while the company's profit grew 43.3% on year to EUR 1.27 million, writes LETA, according to information available at Firmas.lv.

The tour operator's representatives told LETA that the results of 2020 are going to be completely different due to the restrictions caused by the Covid-19 pandemic and the government's policy regarding the tourism industry. 


Tez Tour representatives praised Latvia's successful fight against Covid-19 but said that the government should realize that this has been achieved at the expense of the tourism industry which has been nearly destroyed as a result of the virus restrictions. 


"We welcome the decision taken by the Cabinet of Ministers on September 4 to keep borders with Lithuania and Estonia open. But this is only a fraction of the positive news the Latvian tourism industry hopes to receive in the nearest future," said Konstantins Palgovs, noting that the capacity of the Latvian tourism industry has been reduced by some 95% since March 2020.


He underlined that Tez Tour has not cancelled its travel program and the company is ready to resume charter flights as soon as it is possible. 


Tez Tour closed 2018 with EUR 30.916 million in turnover, up 19.2% on year, and its profit grew 70.2% to EUR 885,812. 


Tez Tour, registered in March 2002, has a share capital of EUR 2,828. The company’s sole owner is Spain’s Germesinvest SL.




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