Lithuanian Railways posts first quarter loss

Lithuanian Railways
DELFI / Tomas Vinickas

Lithuanian Railways posted a loss of €2.78 million in the first quarter of 2016 compared with a net profit of €6.3 million in the first quarter of 2015.

The company’s income fell by 2.3% over the period to €101 million.

“The decline in income was largely a result of the lower revenue from the haulage of cargo, which was caused by decline in Kaliningrad transit. There was also a drop in the volume of haulage of empty train cars, the use of cargo cars and freight expedition services abroad,” said the company.

The company’s income for haulage of cargo and use of infrastructure fell by 1.3% to €89 million in the first quarter, revenue from transport of passengers, luggage and postal items went down by 7% to €4.5 million and income from other services dropped by 10.3% to €7.6.

In the first quarter of this year, the company handled 11.5 million tons of cargo, up by 2.3% year-on-year. Cargo traffic on international routes dropped by 3.7% to 8.1 million tons in the first quarter.

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