In the first quarter of 2015 Litgrid Group's profit rises up to EUR 2.4 million

Tuesday, 02 June 2015

In the first quarter of 2015, the Litgrid Group's profit before tax was EUR 2.4 million, or by EUR 1.5 million higher than in corresponding period of 2014. Higher profit was mainly determined by lower amortization expenses due to tangible fixed assets evaluation performed last year, Litgrid reports.

Group reported EUR 25 million revenue for the first three months of the year, 18 percent lower compared to the first quarter of 2014. The decrease in revenue was caused by the decision of the National Commission for Energy Control and Prices to reduce electricity transmission tariff by one fifth, as well as the system service tariff rate cut by 24 percent.

"Despite the substantial drop in revenue, rational planning and management of expenses allowed us to achieve positive financial results for the first quarter of the year," said Rimantas Busila, Litgrid's Board member and director of the Finance Department.

January through March, Litgrid transmitted 2.4 billion kilowatt hours of electricity via high voltage transmission networks for domestic consumption.

Litgrid's investments amounted to EUR 64.5 million. The largest share of investments (95 percent) was directed to the implementation of strategic projects, 5 percent were dedicated to the reconstruction and development of the transmission network. Litgrid develops Lithuania's strategic power projects - electricity interconnections with Sweden (NordBalt) and Poland (LitPol Link). The Company is responsible for the country's full-fledged power system integration to continental European networks and common European electricity market.

Litgrid Group consists of the electricity transmission system operator Litgrid, energy resources exchange operator Baltpool, Tetas, which provides specialised services of technical maintenance and Tinklo Prieziuros Centras, which specialises in management and operation of electricity interconnections.

Powered by Elxis - Open Source CMS