OREANDA-NEWS. On April 18, 2008 based on preliminary data, Lietuvos Energija AB group during the first quarter of 2008 earned LTL56,4m of pre-tax profit, reported the press-centre of Lietuvos Energija.

The net earnings accounted for LTL47,3m. Earnings before tax of the group’s main enterprise – Lietuvos Energija AB – accounted for LTL56,1m (during the respective period in 2007 – LTL15,2m), net earnings – LTL47,1m (in 2007 – LTL12,8m).

According to Rimantas Sukys, Financial Director of Lietuvos Energija AB, the earnings growth has been mostly subject to increased transmission of electricity, higher export price, optimization of costs. Earnings before interest, taxes, depreciation and amortization (EBITDA) accounted for LTL91m (in Q1 2007 – LTL52,9m).

During the quarter, acting as the transmission system operator, the company through its high-voltage grid transmitted 2,74bn kWh of electricity for domestic needs. The volume of transmitted electricity was by 9 larger year-on-year.

During the reporting period Lietuvos Energija AB sales abroad stood at 0,6bn kWh of electricity – 33 per cent less year-on-year. 

Sales group’s revenues in Q1 2008 stood at LTL359,2m of which LTL341,8m  were generated by Lietuvos Energija AB. LTL211,3m accounted for transmission (including public service obligations) and transit business , LTL67m – sales of auctioned, regulating and balancing electricity, LTL57,8m – electricity exports. Compared to the respective period in 2007, the revenues of the company increased by nearly 15 per cent. The earnings growth mostly resulted from the increased electricity transmission, power trade peculiarities at wholesale domestic market. 

In Q1 2008 core business costs of Lietuvos Energija, compared to Q1 2007 remained nearly the same and accounted for LTL282,4m. The power purchases and public service obligations accounted for the bulk costs – 68 per cent.

Lietuvos Energija AB timely met its financial and contractual obligations. By the end of March 2008 the company’s financial obligations to credit institutions totalled LTL51,8m and were by LTL63m lower than one year ago. The loans were used for refinancing of previously taken credits and investments. Moreover, credits in accounts were used for a short-term balance of cash flows.