Energy, Financial Services, Lithuania, Markets and Companies, Transport

International Internet Magazine. Baltic States news & analytics Tuesday, 19.03.2024, 08:52

Profit of Lithuania's state-owned enterprises grows just by 1.2% in H1

BC, Vilnius, 20.10.2014.Print version
Based on preliminary unaudited data, in the first half of 2014, normalised earnings of state-owned enterprises (SOE) in Lithuania totalled LTL 262.8 million (EUR 76.1 million), by 1.2% more year-on-year, informs LETA/ELTA.

Based on an interim six-month report on 134 SOEs prepared by the Governance Co-ordination Centre, the growth of normalised earnings was mostly affected by Lietuvos Energija energy company group.

 

Having reduced the cost of sales Lietuvos Energija earned LTL 124.1 million (EUR 35.9 million) in the first six months of 2014, i.e. by 61% more than in the first six months of 2013.

 

The greatest negative changes compared with the respective period of 2013 were recorded in Lithuanian Railways and EPSO-G subsidiary Litgrid.

 

Due to the increase of the cost of sales Lithuanian Railways earned a net profit of LTL 14.7 million (EUR 4.2 million) over the reporting period, although a year ago the figure stood at LTL 51.3 million (EUR 14.8 million).

 

During the reporting period Litgrid result was negative, net losses amounted to LTL 9.2 million (EUR 2.6 million), although a year ago it earned a net profit of LTL 26.5 million (EUR 7.6 million). The result was the outcome of lower electricity sales and systemic service tariffs established by the National Commission for Energy Control and Prices.

 

SOE net profit grew despite the decrease of sales revenue. In January-June 2014 SOE sales revenue amounted to 3.54 billion (EUR 1.02 billion) and was by 3.5% lower year-on-year.






Search site