Energy, Lithuania

The group's net profit for the nine months through September came in at 3.515 million euros, versus a loss of 4.117 million euros a year earlier, the company said in a stock exchange release on Wednesday.

In the third quarter alone, the group posted a net profit of 1.149 million euros, compared with a loss of 1.466 million euros a year earlier. Revenue fell by 13.4% to 24.658 million euros. "We intend to finish two strategic projects with a high need for investments this year: the power interconnections with Poland and Sweden," Litgrid CFO Rimantas Busila said.

Litgrid, the parent company, saw its revenue for the three quarters drop by 20.5% to 62.106 million euros. The company turned a net profit of 3.42 million euros for the nine months, versus a loss of 3.515 million euros a year earlier.

The company between January and September transmitted 6.777 billion kilowatt-hours (kWh) of electricity via high-voltage lines for domestic needs, down by 1% year-on-year.

The group employed a workforce of 664 in late September.

Epso-G, a holding company owned by the Lithuanian Energy Ministry, holds 97.5% of shares in Litgrid, which is quoted on the Secondary List of the Nasdaq Vilnius stock exchange.