Energy, Latvia
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Friday, 29.03.2024, 10:59
Latvenergo profit increases by 33% in 2014
Latvenergo earned EUR 34,976,548 in profit last year, up from EUR 26,227,928 in 2013.
The company's turnover fell 27% from EUR 944,463,385 in 2013 to EUR 741,107,898 last year.
The company's management explains that the reduction in turnover was due to changes in accounting procedures – the group's income statement no longer includes the mandatory procurement settlements.
The increase in profit is attributed to higher revenues of Latvenergo subsidiaries.
Latvenergo group includes joint-stock companies Latvenergo, Sadales tikls, Latvijas Elektriskie tikli, as well as companies Elektrum Latvija, Elektrum Lietuva, Elektrum Eesti, Energijas publiskais tirgotajs and Liepajas energija. The group's profit in 2014 totaled EUR 29.8 million and turnover EUR 1.01 billion.