Turto bankas reports improved first-half financial results

Turto bankas, Lithuania's state-owned property management company, has announced stronger financial performance for the first half of 2023. The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) reached 6.2 million euros, marking a 6.5% increase compared to the same period last year. This growth reflects a robust performance across its operations.

Overall revenue saw a significant boost, climbing 7.8% to 19.3 million euros. A substantial portion of this income, 14.9 million euros, was generated through public auctions, which is 3.6 million euros more than in the previous year. During these auctions, Turto bankas successfully sold 297 properties. Additionally, the company secured 122 new lease agreements in the first six months, with the leased space covering 25,500 square meters. These new deals are projected to bring in an average of 63,100 euros in additional monthly revenue.

In its sustainability efforts, Turto bankas' solar power plants produced more than 1.7 million kilowatt-hours (kWh) of electricity. This output represents a roughly 70% increase from the previous year and has resulted in cost savings of approximately 200,000 euros for the company. The report on these results was prepared using an AI solution developed by Vytautas Magnus University in collaboration with the news agency ELTA, ensuring an easily understandable format.