Lithuania: LTG’s profit plummets 20 times in 2022

Lithuania’s state-owned railway company, Lietuvos Gelezinkeliai (LTG), generated revenue of EUR 434.1mn in 2022, which was down 6.7% from EUR 465.1mn in 2021, LRT reports. The company’s annual net profit amounted to EUR 1.2mn, which was down almost 20 times from EUR 23.5mn a year earlier. LTG’s freight volume totalled 31mn tonnes in 2022, which was down 39% from 51mn tonnes in 2021. The company transported 4.7mn passengers, which was 35% more than a year earlier. Investments totalled EUR 188.9mn. CEO Egidijus Lazauskas said that LTG faced a series of challenges in 2022, including the war in Ukraine, the energy crisis, instability in the construction market, and the disruption of supply chains. However, the company still managed to maintain its financial stability, he noted. LTG will not pay dividends to the state this year.