Lithuanian Railways hopes to end this year in the black

Lithuanian Railways hopes to end this year in the black

Lietuvos Gelezinkeliai (Lithuanian Railways, LG), Lithuania’s state-owned railway company, expects the group’s operations to be profitable this year, despite the coronavirus pandemic. But the company no longer hopes to reach last year’s record indicators, reported LETA/BNS.

We had a record-high profit last year. (…) We hope the group will remain profitable this year. We have such ambition but the final result will depend very much on those tendencies as we see concern in the markets as everyone is talking about a second wave. We’ll see what the second half of this year will be as the first one is showing signs of optimism that we could be profitable,” LG CEO Mantas Bartuska told the national radio LRT.

In his words, the company recorded an initial drop in freight flows but they have recovered to last year’s levels in recent months. Moreover, LG is finding new opportunities to provide its services.

“We are opening new routes, like Germany-Lithuania, trucks, to b more specific, the so-called contrailers to transport by rail. We had a test run with Polish partners in May and already plan regular routes as of July,” Bartuska said.

LG posted 57.2 mln euros in net profit, based on unaudited figures, an increase of 4.4% from 2018. The group’s revenue rose almost 2 percent to 505.6 mln euros.

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