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Friday 28.07.2017 | Name days: Cecīlija, Cilda
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Riga airport and Latvian Air Traffic will no longer have to pay dividends to the state

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUBoth Riga International Airport and Latvian Air Traffic will no longer have to pay dividends from revenue to the state for the year 2014. This was decided during the 7 July meeting of the Cabinet of Ministers.

Riga International Airport is the largest transport infrastructure company in the Baltic States and the main transport hub in the region. In order to provide continued competitiveness of the airport and long-term development, massive investments are required for infrastructure modernization and development. The company’s investment priorities for the next couple of years include the improvement of passenger infrastructure, modernization and development of security infrastructure and the realization of airfield infrastructure development project, as reported by Transport Ministry.

The airport concluded 2014 with revenue around EUR 134,678, 90% of this amount (EUR 121,210) were paid to the state as dividends.

Considering the airport’s launched projects, it would be best to divert revenue in investments into the development of security infrastructure. Investments into security-related infrastructure and equipment are very important for the realization of security measures and their compliance with EU requirements, as reported by the ministry.

The government has decided to divert dividends into important development projects: procurement of additional equipment, raising of efficiency of certain services and compliance of security standards with EU requirements.

Latvian Air Traffic’s revenue for 2014 will be diverted to launched and planned investment projects. The decision of the Cabinet of Ministers states that dividends (EUR 193,561.20) are not required to be paid to the state. According to financial results of 2014, LAT’s revenue for 2013 was EUR 215,068.

LAT is a 100% self-financing state enterprise that is not supported from the state budget and does not receive financial support from the state in any way. The main goal of the company is to provide air navigation services to all airspace users in Latvia’s airspace.

Ref: 102.109.109.6834


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