Vilnius, Lithuania, 2015-11-16 15:00 CET (GLOBE NEWSWIRE) -- Net profit of the Lithuanian natural gas distribution system operator Lietuvos Dujos generated from gas distribution activities during 9 months of 2015 was 73 percent greater compared to the same period of last year and totalled EUR 6 million. In January - September of last year, net profit from the natural gas distribution activity amounted to EUR 3.5 million. Having added up the results of the continued gas distribution activity and terminated gas supply operations, net profit of the company in January - September of 2014 totalled EUR 85.5 million, including profit from discontinued natural gas supply activities of EUR 82.1 million.
During 9 months of 2015, Lietuvos Dujos earned EUR 13.4 in profit before interest, taxes, depreciation and amortization (EBITDA), which is 25 percent more than in January - September of 2014 when its EBITDA was EUR 10.7 million. This change was conditioned by better operating results determined by increased revenues and decreased costs.
The Company’s sales revenues of 9 months of 2015 increased by 4 percent compared to last year and amounted to EUR 36.8 million (in 2014: EUR 35.5 million), and costs of the Company decreased by 5 percent compared to the same period of last year totalling EUR 31 million (in January - September of 2014 they were EUR 32.6 million, respectively). The total level of costs decreased due to the reduction of repair and maintenance costs, salary expenses and other costs.
“The transformation having occurred in Lietuvos Dujos this year is obvious - the achieved financial results reflect the readiness of the organization to move to a new level of existence, to merge with the electricity distribution company and to continue successful ensurance of quality natural gas distribution operations. Decisions made by the company on the change of accounting policy and consistently implemented efficiency measures have impacted the reduction of costs and respectively contributed to improving financial results” - said Liudas Liutkevičius, Chairman of the Board and CEO of Lietuvos Dujos.
In the implementation of 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 nine months of 2014 are presented above. Moreover, the comparative data of 9 months of 2014 were restated evaluating the impairment of fixed assets recorded in retrospect as at 31 December 2013.
Head of communications Laura Šebekienė, tel. +370 633 99940