Energy, Energy Market, Estonia, Latvia, Lithuania, Russia

Although the company's net profit rose from 6.2 mln euros last year, the profitability rate was down from 4.7 to 4.1%, the company announced its results via the Warsaw Stock Exchange.

"During the reporting period, the INTER RAO Lietuva Group managed to successfully handle risks resulting from a challenging market environment and this year’s unexpected growth of the average electricity prices. The Group sold a larger amount of electricity in the Lithuanian market but produced less electricity at the Vydmantai wind power plant due to worse meteorological conditions namely a lower average wind speed in the region. The INTER RAO Lietuva Group generated a gross profit on sales of 16.4 mln euros in the first 9 months of 2018. EBITDA increased to 12.7 mln euros and the net profit reached 8 mln euros with the margins of 6.5% and 4.1% respectively. In Q3 alone, the Group reached the result of 5.6 mln euros as the net profit. The Group has generated earnings of 0.4 euros per share," Giedrius Balciunas, CEO at INTER RAO Lietuva, was quoted as saying in a statement.

Revenue rose from 133.3 mln euros a year ago to 195.8 mln euros. Consolidated EBITDA increased to 12.7 mln euros, from 9.6 mln euros in 2017, and operating profit reached 10.8 mln euros, compared to 7.7 mln euros last year.

The group includes Lithuanian, Latvian, Estonian and Polish companies Inter RAO Lietuva, Inter RAO Latvia, Inter RAO Eesti, IRL Polska and Vydmantai Wind Park.

RAO Nordic, a company owned by Russia's Inter RAO, owns 51% of Inter RAO Lietuva, and 29% belong to Lithuanian investment company Scaent Baltic.