JSC”Latvijas Gāze”: Unaudited financial results of “Latvijas Gāze” Group for the first quarter of 2019
“Latvijas Gāze” Group consists of two business segments:
- The natural gas sales & trading segment, operated by JSC “Latvijas Gāze”
- The natural gas distribution segment, operated by JSC “Gaso”
Despite above seasonal normal temperatures “Latvijas Gāze” Group during the first quarter 2019 in total sold 379 million m3 (4,002 GWh) of natural gas to more than 400 thousand customer and increased total sales by 8.6% in comparison to the same period a year before. In an increasingly competitive market environment, the natural gas sales & trading segment (JSC “Latvijas Gāze”) successfully expanded its gas sales across the Baltic region. The Group’s net turnover for the first three months of 2019 amounted to 113.2 million EUR and was 17.5% higher than during the same period in 2018. The Group’s operating activities for the first three months of the year resulted in EBITDA* of 20.33 million EUR and a net profit of 17.24 million EUR.
In March 2019 the JSC “Latvijas Gāze” witnessed the “go-live” for the first module of its new billing system and customer portal. This will contribute to reducing the cost of core business processes as well as to improving customer service quality.
The Company expects that the general market environment will remain challenging for “Latvijas Gāze” Group in the rest of 2019. Competition on the supply side is likely to increase further while drastic changes in demand for natural gas are not very likely.
Latvijas Gāze Group will publish its unaudited financial statements for the first half of 2019 on August 28, 2019.
*More detailed information on the alternative performance measures can be found on page 9 of the financial statements.
Madara Pundure
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