2013-04-30 10:36

Government allows Klaipėda Port to pay 1-percent dividend

The Lithuanian government decided in principle on Monday that the Port of Klaipėda, which is contributing to the country's liquefied natural gas (LNG) terminal project, should pay a symbolic dividend of 1 percent of its distributable profits from the 2012 earnings.
Klaipėdos uostas
Klaipėda Port / J.Andriejauskaitės/15min.lt. nuotr

Arvydas Vaitkus, the port's CEO, told BNS that the government's position enabled the port to revise its investment capabilities for this year.

Evelina Butkutė-Lazdauskienė, the prime minister's spokeswoman, told BNS that the Cabinet had postponed making its decision on Lietuvos Geležinkeliai (Lithuanian Railways), another company controlled by the Transport Ministry, until June 1.

The Transport Ministry had proposed that the government exempt the port and Lietuvos Geležinkeliai from paying dividends.

The Klaipėda port posted a profit of 87.197 million litas (EUR 25.3m) last year, and Lietuvos Geležinkeliai, of 130 million litas.

The ministry says that 889 million litas needs to be invested in the port's infrastructure, with 462 million litas likely to be allocated in 2013-2015. Last year, the port transferred 34.194 million litas in dividends, marking the first time in recent years that it had paid dividends to the state.

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