Vilnius, Lithuania, 2015-08-14 15:00 CEST (GLOBE NEWSWIRE) -- Net profit of the Lithuanian natural gas distribution system operator Lietuvos Dujos generated from gas distribution activities for 6 months of 2015 was 28 percent greater compared to the same period of last year and totalled EUR 7.7 million. In January - June of last year, the profit from the natural gas distribution activity amounted to EUR 6 million. Having added up the results of the continued gas distribution activity and terminated gas supply operations, net profit of the company in Half 1 of 2014 totalled EUR 85.6 million, out of it the profit from discontinued natural gas supply activities of EUR 79.6 million.
In H1 of 2015, Lietuvos Dujos earned EUR 13.4 in profit before interest, taxes, depreciation and amortization (EBITDA), or 12 percent more than in January - June of 2014 when its EBITDA was EUR 12 million. This change was conditioned by better operating results determined by increased revenues and decreased costs.
The Company’s sales revenues of 6 months of 2015 increased by 5 percent compared to last year and amounted to EUR 29.9 million (in 2014: EUR 28.5 million) and the costs of the Company decreased by 1 percent compared to the same period of last year totalling EUR 21.8 million (in Half 1 of 2014 they were EUR 22 million, respectively).
“Efficiency measures implemented in Lietuvos Dujos in the past half of the year are contributing to improving performance results of the company. Regional divisions of the company were restructured in a very short period of time, administration functions were transferred to Lietuvos Energija Group companies, the functions of public procurement procedures were cleared up and centralized. We plan to continue increasing the company’s operating efficiency until the end of the year. The potential of benefit created in the company this year is mostly to further unfold in the performance result of 2016” - said Liudas Liutkevičius, Chairman of the Board and CEO of Lietuvos Dujos.
In the implementation of the provisions of the EU Third Energy Package for the unbundling of natural gas sector activities, assets, rights and obligations of the natural gas supply activity were sold to UAB Lietuvos Duju Tiekimas as at 31 October 2014 under the contract on the purchase - sale of a part of enterprise of AB Lietuvos Dujos of 15 October 2014. For comparison purposes, data of the continued natural gas distribution activity for six months of 2014 are presented above. Moreover, the comparative data of Half 1 of 2014 were rearranged evaluating the impairment of fixed assets recorded in retrospect as at 31 December 2013.
Laura Šebekienė
Head of Communications
Ph. +370 633 99940
Email: l.sebekiene@lietuvosdujos.lt