Energy, Gas, Investments, Latvia

International Internet Magazine. Baltic States news & analytics Thursday, 25.04.2024, 21:21

Latvijas Gaze sees 71% reduction in profits in Q1

BC, Riga, 29.05.2015.Print version
In the three months of the year 2015, the joint-stock gas supply company Latvijas Gaze sold to the consumers 422 million m3 of natural gas. In comparison with the respective period of 2013, natural gas sales decreased by 13.6% due to milder temperatures and investments by heat supply companies in the use of renewable energy resources and a partial replacement of fossil fuels with woodchips, the company informs in a financial statement, cites LETA.

The company completed the first quarter of 2015 with a profit of EUR 1.5 million, which is 71.1% lower than in the respective period of 2014, when the company posted profit of EUR 5.2 million.

 

Over the three months of 2015, consumers were sold natural gas and provided services for EUR 158.1 million, which is by 15.4% less than in the respective period of 2014.

 

The decrease of income year-on-year stems from the lower natural gas sales volume and lower tariffs. The income saw decrease both in the industrial and household sector, the company informs.

 

Within the framework of the company's capital investment program, EUR 4.7 million of investment funds was spent over the first three months of 2015, mostly on the renovation of gas transmission and distribution pipelines and the reconstruction of wells.

 

As reported, Latvijas Gaze posted EUR 30.07 million in profit last year.

 

Germany's E.ON Ruhrgas International GmbH owns 47.2% of Latvijas Gaze shares, Russia's Gazprom has 34% and Itera Latvija 16%.





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