Lietuvos Gelezinkeliai and its subsidiary LG Cargo posted over 266 mln euros in combined revenue from their core operations for the seven months, up from 261 mln euros a year earlier, according to preliminary data.
"The second half of the year has a lot of challenges in store for us. Amid a decline in transport freight flows, we felt increased competition for freight, which is reflected in our results, too," Lietuvos Gelezinkeliai CEO Mantas Bartuska said in a press release on Tuesday.
LG Cargo carried 224,000 tons of locally-grown grain in July, a rise of 47% y-o-y, as the grain season started somewhat earlier this year, according to the company.
LG Cargo's total freight traffic in the seven months edged down by 0.9% y-o-y to 31.7 mln tons due to a decrease in transit coal shipments to Russia's Kaliningrad region and a temporary decline in oil product imports via the port of Klaipeda because of contaminated Russian oil.
However, fertilizers and building material flows from Belarus as well as oil and locally-produced foodstuff shipments increased.
Lietuvos Gelezinkeliai carried 3.3 mln passengers in the seven months, up 14% y-o-y.
The group's annual net profits doubled in 2018 compared with 2017 to 54.8 mln euros as revenue rose by 10.4% to 495.8 mln euros. Freight traffic grew by 7.9% to 56.8 mln tons and passenger numbers were up by 11% to 5.169 mln.
