LV: Latviajs Gaze net profit down by 25% y/y in Jan-Sep.

By bne IntelliNews November 30, 2012
Latvijas G?ze (Latvian Gas) reported net profit of LVL 6.91mn (EUR 9.83mn) in Jan-Sep 2012, down by 42% y/y. Revenues in the reporting period amounted to LVL 293.5mn, up by 18.8% y/y and 2.9% over the target. Company sold 1.02bn m3 of gas in Jan-Sep, which was 9.2% less y/y, but still 1.8% above the target. In 2011 company made net profit of LVL 25.7mn (EUR 36.76mn) in 2011. Company sold 1.56bn m3 of gas in 2011, which was 13% less y/y. Overall revenues from gas sales and other services in 2011 were LVL 353mn, flat y/y. LVL 17mn was spent on investment and modernisation in 2011, LVL 11.6mn spent in Jan-Sep 2012. Latvijas G?ze is importing, storing and selling natural gas. It purchases natural gas from Russia's Gazprom (about 70%) and Itera Latvija (about 30%). Company reported net profit of LVL 26.5mn (EUR 37.7mn) in 2010 (35% y/y increase). Latvijas G?ze main shrehodlers are Germany's E.ON, Russias Gazprom and Itera Latvija.

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