State owned enterprise Lithuanian Airports (LTOU), which took over responsibility for operating the gateways of Vilnius, Kaunas and Palanga just over a year ago – also reports an increase air traffic movements, revenues, EBITDA and net profit.
A 13% upturn in revenues (aeronautical and non-aeronautical) during the first five months of the year led to a 65% rise in its net profit, while its EBITDA soared by 33%.
Lithuania decided to form one company to operate and develop the three airports after the European Union refused to financially back the gateway’s planned infrastructure investment projects.
It believes that a single operator will be better equipped to strategically plan and co-ordinate each airport’s development and boost commercial revenues, and LTOU’s performance in its first year of operations certainly appears to justify the decision.
The three airports are served by 17 airlines, which currently operate services to 60 destinations.
The upturn in traffic to date has led LTOU to predict that over 3.8 million passengers will pass through Vilnius, Kaunas and Palanga airports in 2015.
LTOU’s strategy is to continue to develop Vilnius as the nation’s principal hub, Palanga as a tourism gateway and Kaunas as a regional airport and new base for aviation related business under the umbrella of its AeroHub KUN investment project.