DESPITE the Covid-19 pandemic, Lithuanian Railways (LTG) reported profits of €36.6m in 2020, down €21.5m compared with 2019, and will pay a dividend of €14m to its owner, the Lithuanian government.
The company was restructured in 2020, creating new freight, passenger and infrastructure management subsidiaries, which were renamed as part of the LTG Group in July 2020.
Overall revenue was €468.2m, down 7% compared with 2019. Freight subsidiary LTG Cargo mirrored this result, reporting €397.5m revenue in 2020, a 7% drop compared with 2020. Passenger operator LTG Link carried 40% less passengers, but revenue only dropped by 19% to €49.7m due to payments made by the government to operate passenger services during the pandemic.
Infrastructure manager LTG Infra reported similar revenue at €230.5m in 2020 compared with €235.1m in 2019.
Investments in key projects doubled to €228.9m. €174.1m was spent on infrastructure: LTG Infra started the Vilnius - Klaipeda electrification project; passenger subsidiary LTG Link launched a tender for new electric trains; and the LTG Cargo established subsidiaries in other European countries.
