Kaunas, Palanga, Vilnius, VNO, KUN, airport, Lithuanian Airports, profit, net, 2018, revenue, non-aviation, results, dividend, state
Kaunas International Airport (photo: Visit Kaunas)

Lithuania’s airports triple their profits

The international airports of the capital Vilnius, second city Kaunas and coastal Palanga saw 6.3 million passengers in 2018.

Lithuanian Airports, a state-run operator of the country’s three international airports, has posted a threefold rise in net profit for 2018 from the previous year, reaching €8.4 million, the news agencies LETA and BNS report.

The airports of the capital Vilnius, second city Kaunas and coastal Palanga handled a total of 6.3 million passengers and 61,000 flights during the year.

VNO saw 4,923,000 passengers, KUN 1,101,000 passengers and PLQ 317,000.

Revenues for the three airports rose 33% to €44 million, with aviation revenue increasing by just over a third to €29.4 million and non-aviation revenue by 30% to 14.6 million.

EBITDA rose by 8.8% to 17.7 million. Cargo volumes, meanwhile, increased by around 20% to almost 16,000 tons.

Return on equity
Lithuanian Airports’ return on equity stood at 6.9%, one of the best results among the Baltic country’s state-owned enterprises, according to chairman of the board Tomas Krakauskas.

“The greatest financial flow continues to be generated from the core business. So despite planned upgrades at the airports of Vilnius and Kaunas, we plan to pay a record dividend to the state for 2018,” he declared.

The record dividend he was speaking of amounts to €3.4 million, up from around €1.7 million the year before.

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