Novaturas, one of Lithuania’s biggest tour operators, forecast a net loss of 1.5-3.5 million euros for the whole year after recording a net loss of 2.3 million euros in the first half of the year.
The group estimates its earnings before interest, taxes, depreciation and amortization (EBITDA) to stand up to 2 million euros this year, from a profit of 5.5 million euros in 2023, on revenue of 180-200 million euros euros, down from 209 million euros last year, Novaturas told investors on Friday.
Last year, after a loss-making 2022, Novaturas posted a net profit of 3.7 million euros, and the group’s EBITDA grew sevenfold to 5.5 million euros as it generated 209 million in revenue, a 6 percent increase on 2022.
CEO Kristijonas Kaikaris says the market continues to present challenges but the group sees positive indications and opportunities to stabilize its operations.
“Current forward bookings for this year are showing positive results, with some destinations and passenger numbers already showing a 20 percent growth, compared to the same period last year,” Kaikaris told investors when presenting the group’s results on Friday.
In his words, Novaturas plans to expand and improve its sales channels, finalize its website update, offer a wider range of destinations and services, and improve efficiency.
The company is also considering a new bond issue for service expansion, technology investment and loan refinancing. The issue could reach up to 8 million euros, Kaikaris said.
In February 2021, Novaturas agreed with the then State Investment Management Agency (VIVA) to invest 10 million euros in the company’s bonds for six years. In July and November of the same year, the group redeemed the convertible bonds worth 5 million euros in equal installments.
Novaturas expects to serve between 220,000 and 240,000 customers this year, up from 259,000 in 2023.
Novaturas said on Friday it served 112,000 customers in the first half of the year, down 9.4 percent year-on-year. The group’s revenue in January-June stood at 91.3 million euros, down 9.9 percent from 101.4 million euros a year ago.
Source: BNS
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