LV: Latviajs Gaze net profit down by 42% y/yin Q1.

By bne IntelliNews June 4, 2012
Latvijas Gaze (Latvian Gas) reported net profit of LVL 3.9mn (EUR 5.55mn) in Q1, down by 42% y/y. Company sold 636mn m3 of gas in Q1, which was 9.9% less y/y. 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 modernization. Latvijas Gze 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).

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