Profits of Lithuanian state-owned companies down 5.7%

Companies owned by the Lithuanian state have reported €216,3 million in net profits over 2015, a drop of 5.7% from 2014.

The best results come from the oil company Klaipėdos Nafta, while profits of the railway company Lietuvos Geležinkeliai contracted, vz.lt reports.

The revenues of 128 state-owned companies grew 9.2% in 2015, totalling €2.48 billion.

The biggest profits have been reported by energy companies, even though the Lietuvos Energija group made €115 million or 2.2% less than in 2014.

Klaipėdos Nafta’s net profit in 2015 stood at €22 million, which is 2.4 times more than in the previous year. Most of the growth comes from the LNG terminal which was launched in Klaipėda in November 2014.

Meanwhile Lietuvos Geležinkeliai reported €0.7 million in net profit, a 96% drop from the year before.