LTG Cargo sees freight volumes drop almost 10% in H1

LTG Cargo, a freight subsidiary of Lietuvos Gelezinkeliai (Lithuanian Railways, LG), Lithuania's state-owned railway company, transported 24.279 million tons of cargoes in the first half of this year, down 9.7 percent from 26.9 million tons a year ago, informs LETA/BNS.

Egidijus Lazauskas, CEO at LTG Cargo, says the company was much more pessimistic several months ago than now. "Looking into the results in the context of a major pandemic and comparing them to those of companies in other countries, we see that our swift actions have paid off," Lazauskas told BNS, adding that there are all preconditions to have a good annual result. In the second quarter alone, LTG Cargo saw its freight volumes do down by 7.8 percent to 12.255 million tons year-on-year.

The whole LG group posted 201.9 million euros in revenue for the first half of this year, down 11.8 percent from a year earlier, and the quarterly drop was 10.9 percent to 100.342 million euros.

Meanwhile, the group's passenger transportation arm, LTG Link, saw its passenger numbers plnge 42.8 percent to 1.6 million in the first half, year, on year, and the quarterly drop amounted to 62.7 percent to 563,000 people.

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