Latvian Railways Sees Passenger Boom, Invests in Modern Fleet
Latvian railway company Passenger Trains (PV) is experiencing a surge in ridership and revenue, announcing strong results for the first nine months of 2024. The company credits increased train traffic driven by government contracts and new service routes for the impressive growth.
PV, which operates Latvia’s domestic passenger rail service, reported a 22.9% increase in revenue from passenger transport compared to the same period in 2023, reaching €19.3 million. This spike coincides with a 11.3% jump in passenger numbers, totaling 14.516 million riders.
“In nine months this year, 5.541 million kilometers were traveled by PV trains, which is 16.6% more than in nine months last year,” PV officials stated.
"PV explains the increase in the number of kilometers driven by the increase in the number of traffic ordered by the Road Transport Directorate (ATD) and by the implementation of a partial interval timetable and the increased number of trips on Aizkraukle, Sk Schulte and other electronic lines."
The company’s market share of paying passengers has also climbed, reaching 48.6% – a 2.9 percentage point increase from the previous year.
Alongside passenger growth, PV is actively modernizing its fleet. "In the third quarter of this year, 24 new Škoda electric trains and 19 diesel train sets are being used on railway lines," their latest financial report states.
The modernization effort is backed by substantial investment: PV secured €100.3 million of its planned €110.8 million budget for the first nine months of 2024. Over 97% of this funding came from the Latvian state and the European Cohesion Fund.
These investments are crucial for the company’s long-term vision. PV has been implementing new ticketing systems onboard its Škoda trains, allowing passengers greater flexibility.
“The ability to register a trip permanently for each type of ticket [is now available],” the company reported. “Modification work of ‘Škoda’ registrars and ticket sales system is currently underway, eliminating marked registration and ticket validation errors."
PV’s positive performance comes after a challenging 2023, when the company reported a significant drop in profits despite a rise in revenue. The company is now well-positioned for continued growth as it modernizes its infrastructure and expands its reach across Latvia.
2024-12-02 12:12:00
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