Rīga's public transport company reports €4.6m loss

Take note – story published 8 years ago

Last year the losses of Rīgas satiksme, a public transportation company owned by the city of Rīga, grew substantially, reaching €4.6 mln whereas in 2013 the figure was €0.679 mln, according to business database firmas.lv.

Rīgas Satiksme, which is fully owned by the Riga City Council, provides bus, tram and trolleybus services to passengers in Riga.

The management of the company reported that income from tickets shrunk last year, as municipality funding increased due to expanding the number of people who qualify for discounts - groups such as pensioners, students, teachers and schoolchildren.

As part of the developmental strategy, the company wants to secure state and municipality funding in full during the next few years, reported the statement.

The turnover of the company increased by 3% in 2014, reaching €144.7 mln. 

In early 2015 the company took flak for effectively doubling ticket prices, though the city blamed the government for its unwillingness to subsidize groups that enjoy full or partial ticket discounts.

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