LV: Latviajs Gaze net profit up by 64% y/y in Jan-Sep.

By bne IntelliNews November 29, 2010
According to company's announcement to the Riga Stock Exchange, Latvijas Gaze (Latvian Gas) reported a net profit of LVL 8.99mn (EUR 12.7mn) in Jan-Sep. This made a strong 64% y/y increase. Company's turnover in the reporting period was LVL 230.4mn, a 3.3% y/y decrease. It was commented by the company that despite the slight turnover decrease, it was still almost 30% above the target figure for Jan-Sep. Latvijas G'sze is granted state monopoly on export, storage and sales of natural gas. As reported, LG is currently trying to negotiate a lower natural gas supplies price with Russian energy giant Gazprom.

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