Lithuania’s state-owned railway group, Lietuvos Geležinkeliai (LTG), earned a net profit of €1.2 million last year, almost 20 times less than the €23.5-million in profits reported in 2021.
The group's 2022 total revenue last year was €434.1 million, down 6.7% from €465.1 million the year before, LTG said on Tuesday. The company will not pay dividends to the state this year, according to the report.
"Last year we faced a series of challenges: the brutal war launched by Russia against Ukraine, the energy crisis, instability in the construction market, and the disruption of supply chains that are important for the region,” CEO Egidijus Lazauskas said in a statement.
“However, we found solutions and a way to maintain a stable financial position, and LTG Group has maintained all its financial commitments to credit institutions," he said, adding that LTG has managed to maintain its financial stability.
Last year, LTG's freight volumes fell by 39% to 31 million tonnes, down from 51 million tonnes in 2021.
The drop was due to the war in Ukraine and sanctions on Russia and Belarus.
LTG reported growth in new markets in Western Europe, as well as in the operations of the group’s Polish subsidiary, LTG Cargo Polska.
The group transported 4.7 million passengers last year, up 35% from the previous year. Its investments last year amounted to €188.9 million, 28.5% of which was self-financed, in addition to €135 million in EU support and state budget funds.
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