Airport news

2018 08 16

Revenue of Lithuanian Airports for the first half of 2018 has exceeded 20 million EUR

Lithuanian Airports has finalised their work results in the first half of 2018 and announced that the company’s revenue has gone over 20 million EUR, which is 23 per cent more compared to last year’s numbers. The growth of these indicators was mainly influenced by a 16 per cent increase in the number of passengers and a 9 per cent increase in the number of flights served. Income from non-aviation activities has also increased.

According to CEO of Lithuanian Airports Marius Gelžinis, revenue for the first half of 2018 rose by almost 4 million EUR compared to the same period last year. Aviation sector revenue, which comprises almost 70 per cent of the total revenue of Lithuanian Airports, rose by 22 per cent in the first half of 2018 and reached 13.6 million EUR. Revenue from non-aviation activities rose by 25 per cent and reached almost 7 million EUR, which accounted for one third of the company’s total revenue.

“The growth of aviation revenue took place mainly due to the increase in passenger and flight numbers in all airports. Meanwhile, Lithuanian Airports made systematic efforts to negotiate new commercial terms with their tenants on airport premises, which contributed significantly to the rise of non-aviation revenue. We offered new attractive services to our customers, which led to the increase in the purchasing power and more money being spent on entertainment,” explains Marius Gelžinis.

According to the Head of Lithuanian Airports, all commercial and catering development projects proved to be successful. PANK`olis restaurant became extremely popular with Vilnius Airport passengers once it opened its doors last year while Kaunas Airport passengers were also able to enjoy new cafés. Departing passengers enjoy shopping at the duty free shop which was renovated last year. This reconstruction also led to an increase in the revenue from the rent of the premises compared to last year’s numbers. Kaunas and Palanga had a great rise in their revenue numbers, which increased by 66 and 73 per cent respectively, while Vilnius Airport revenue rose by 29 per cent.

“We note that the development of parking infrastructure in all three airports in 2017 contributed to the company’s great results. The revenue gained for other non-aviation services, including advertising sales and business lounge services has also grown,” added Marius Gelžinis.

All three airports hope to maintain this rapid growth rate in the future. According to Chairman of the Board of Lithuanian Airports Tomas Krakauskas, such expectations are formed based not only on the confident increase in passenger numbers, but also on further directed efforts to improve the company’s performance indicators.

“At the beginning of the year we knew that all Lithuanian airports would face big challenges. They include the renovation of commercial areas at Vilnius Airport Terminal and attracting new airlines and routes to all three Lithuanian airports. Today, we are happy to say that we are implementing our goals successfully,” states Tomas Krakauskas. “We hope that the accumulated experience and continuous efforts will allow us to announce that by the end of 2018 we will have reached a record 6 million passengers served with consistently increasing revenue and profits. We are implementing all these goals seeking ensure that our passengers have the best experience and that air transport industry contributes to the creation of a stronger economy in Lithuania”.

In the first half of 2018, Lithuanian Airports reached net profit of 5.6 million EUR. It has increased by 66 per cent or 2.2 million EUR compared to last year’s numbers.

Lithuanian Airports’ EBITDA profit, i.e., earnings before interest, taxes, depreciation and amortisation, reached almost 10 million EUR. It is 3.5 million EUR more compared to 2017.

About Lithuanian Airports

The Lithuanian airport network includes three airports in Vilnius, Kaunas, and Palanga. During 2017, they serviced 5.2 million passengers and 55 thousand flights. During the summer season, 17 airlines organize direct flights in 79 regular directions to 67 cities in 29 countries. Based on data of the Airports Council International (ACI Europe), Lithuanian Airports contribute to the Lithuania’s GDP by 2.5 percent.

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