Energy, Gas, Latvia

In the first quarter of 2015, the gas company earned a EUR 19.7 million profit.

In the first three months of 2016, Latvijas Gaze sold 516 million cubic meters of natural gas to customers. As compared to the first quarter of 2015, the company increased gas sales by 22%.

The company's management said that the year 2016 saw a substantial price drop in the global oil markets, which affected both the average natural gas purchase price and the annual income of Latvijas Gaze. In the three months of 2016, Latvijas Gaze sold natural gas and provided services to its customers for EUR 153 million, up from EUR 158 million in the first quarter of last year.

Despite the decrease in income caused by the price drop, the company's EBITDA in first quarter of 2016 substantially improved against the respective period of the previous year and amount to EUR 41 million, rising from EUR 31.6 million in the first quarter of 2015.

Latvijas Gaze earned EUR 30.5 million in profit last year, a slight increase on 2015 when the company's profit amounted to EUR 30.7 million.

Latvijas Gaze management informed that 2015 saw a substantial price drop on the global oil markets, which influenced both the average natural gas purchase price and the annual income of the company. In 2015, consumers were sold natural gas and provided services for EUR 445 million.

Although in 2015, Latvijas Gaze's EBITDA remained at the previous year's level of EUR 68.5 million, a decrease in turnover enabled an increase in the EBITDA margin to 15.4%, compared to 13.7% in 2014.

Latvijas Gaze's natural gas sales in Latvia totaled 1.32 billion cubic meters in 2015, up 2% on 2014.