OREANDA-NEWS. On 04 August 2009 was announced, that according to unaudited financial statements of Lietuvos Energija AB Group companies, during the first six months of 2009 its revenue has increased by more than 22 % compared with the same period last year, amounting to LTL 827.4 million. In the first half of this year the Group incurred a LTL 31.3 million loss before tax, while the result of the same period in 2008 was a LTL 60.2 million profit before tax. Net loss for the first six months of 2009 is LTL 26.4 million. A net profit of LTL 50.7 million was earned in the same period of previous year.

“The growth in revenue has been positively impacted by the increased prices of public interest services (PIS) in 2009 and by the growth of electricity sales due to repairs of the Ignalina Nuclear Power Plant in June and has been negatively impacted by the decrease in consumption. Impairment of book value of non-current tangible and intangible assets is the most important factor in the profit reduction“, stated Aldona Jakutiene, Finance Director of Lietuvos Energija AB. According to her, this has resulted in an additional increase in PIS revenue by LTL 139 million and sales by LTL 69 million; however, these factors did not influence profit as PIC costs and additional electricity purchase costs have grown accordingly.

The book value of non-current tangible and intangible assets of Lietuvos Energija AB Group was reduced by LTL 55.4 million down to their fair value. The impairment has been estimated having regard to a 7.4 % drop in the price index for the construction of engineering structures since the beginning of the year. Profit has been decreasing also due to an 8.6 % reduction of electricity consumption in the firs six months of 2009 and the growth in depreciation and amortisation costs.

The Finance Director pointed out that a seasonally-adjusted recalculation of PIC costs for 2008 has been made in order to compare this year‘s financial results with the same period of previous year.

In the first six months of this year, Lietuvos Energija AB as a transmission system operator delivered 4.63 billion kWh of electricity for public needs, compared with 5.1 billion kWh in the same period of previous year. 1.64 billion kWh of electricity was sold for export this year versus 1.5 billion kWh in the first six months of 2008.