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Published: 14 february 2012 18:33

Profitable year for public companies run by Transport Ministry

Lietuvos geležinkeliai
"15min" nuotr. / Lietuvos geležinkeliai

Companies run by Lithuanian Transport Ministry last year saw their combined pretax earnings more than treble to 258 million litas (EUR 74.8 mln), from 79 million litas in 2010, with Lietuvos Geležinkeliai (Lithuanian Railways) accounting for more than two-thirds of the 2011 profits, based on preliminary data.

"2011 was a very successful year for the sector. For our key companies, it was a year of record-high earnings and operating results," Transport Minister Eligijus Masiulis said in a press release on Tuesday.

Lietuvos Geležinkeliai's pretax profit last year doubled to a preliminary 177.6 million litas, from 78.2 million litas in 2010.

The port of Klaipėda boosted its pretax profit by 58 percent to 85.9 million litas, from 54.4 million litas.

Lietuvos Paštas last year turned a pretax profit of 1.2 million litas, compared with a loss of about 12 million litas the previous year.

Vilnius Airport, which earns less revenue due to reduced fees for passengers and airlines, last year managed to trim its annual loss to 1.9 million litas, from 7.5 million litas in 2010.

Kaunas Airport, the country's second-biggest airport, cut losses to around 500,000 litas, from 1.686 million litas in 2010, while Palanga Airport posted a pretax profit of 100,000 litas, versus a loss of 95,000 the previous year.

BNS
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