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Lithuania's state-run railway company Lietuvos Gelezinkeliai (Lithuanian Railways, LG) and its cargo subsidiary LG Cargo posted 226.7 million euros in revenue in January-June, up 2.3 percent from 221.7 million euros last year, based on preliminary figures.
Lithuanian railway
Lithuanian railway
© Lietuvos geležinkeliai

"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 million tons of cargo during the period, down 1 percent 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 the Druzhba oi pipeline, LG said.

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

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

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

BNS
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