Financial results for the first half of the year: both aviation and non-aviation services redound to the profit of Lithuanian Airports

During the first half of the year 2023 financial figures of Lithuanian Airports were growing up. It had been influenced both by especially active beginning of the summer travel season and successful getting of rising costs under control. Income of the company in January-June of the current year made up 29.6 M euros and was 42 % higher than for the same period of the last year. The net income of the company had exceeded the limit of 6.1 M euros.

This year Lithuanian Airports has got the most part, around two thirds, of income from aviation activities. In comparison with the first half of the last year, the income this year had been 7.4 M higher and reached almost 20 M euros. According to Indre Kunigelyte, the Financial Executive of Lithuanian Airports, it shows recovery and speeding up of the aviation market which is indicated by an increase in a number of passengers by one-fifth in Lithuanian Airports (more than 2.8 M passengers had been serviced), an increase in a number of flights (in total almost 25 thousand flights) and rising air transport seat occupancy rate that exceeds the pre-pandemic level already.

“Market dynamics has been favourable for Lithuanian Airports. Kaunas Airport, where the record number of passengers are observed, demonstrates especially good results in terms of scope of activity. The positive momentum for an increase has also been given by focused efforts of all airports by means of attracting new flight routes by restoring routes liked by passengers. However, at the same time we were reaching other very important goal: get rising activity costs under control. It had been influenced not only by the increasing passenger flow but also by rising investments in employees, costs of maintenance, repair and utilities of assets. Half year results show that we had succeeded in reaching that goal: income and profit indicators are positive and higher in comparison with the same period of the last year”, I. Kunigelyte says.

According to company’s data, income from aviation activities made up almost 19.97 M euros in the first half of the year 2023, 59 %more that at the same period of the last year. Income from non-aviation activities had also increased: the company possessing three airports earned income in the amount of 9.6 M euros in this segment in the first half of the year, 16 % more than in the first half-year of the last year. Good performance indices and an increase in costs taken under control had also increased net profit of the company that made up more than 6.1 M euros in the first half of the year 2023 and was 158 % higher in comparison with the first half of the year 2022.

Yet, according to I. Kunigelyte, the financial figures show that Lithuanian Airports changed assets accounting policies and recorded the results of conducted appraisal of assets in the first half of the current year. “Assets accounting changes were necessary to change status of Lithuanian Airports to a joint-stock company. It is planned that restructuring will be carried out at the end of August or in September of the current year”, the Financial Executive of Lithuanian Airports says.