OREANDA-NEWS. On October 31, 2007 based on preliminary data, in 9 months of this year, Lietuvos Energija AB group earned LTL47,7m of pre-tax profit, reported the press-centre of Lietuvos Energija AB.

The net earnings accounted for LTL38,9m. Earnings before tax of the group’s main enterprise - Lietuvos Energija AB - accounted for LTL47m (during the respective period in 2006 - LTL37m), net earnings - LTL38,5m (in 2006 - LTL30,8m).

According to Rimantas Sukys, Financial Director of Lietuvos Energija AB, the earnings growth has been mostly subject to lower relatively fixed costs, higher export price. Earnings before interest, taxes, depreciation and Amortization (EBITDA) accounted for LTL159,2m (in 2006 - LTL159,9m).

During nine months of this year, acting as the transmission system operator, the company through its high-voltage grid transmitted 7bn kWh of electricity for domestic needs.

“The volume of transmitted electricity was only by 1,1 larger than in 2006. This was subject to lower domestic electricity demand, subject to an unusually warm winter, lower consumption by Mazeikiu Nafta AB and terminated operations of Ekranas AB”, says Mr.Rimantas Sukys.

During the reporting period Lietuvos Energija AB sales abroad stood at 1,9bn kWh of electricity - 10 per cent less year-on-year due to longer maintenance period of Ignalina NPP. 

During the recent nine months of H1 2007, revenues of the group stood at LTL897,2m, LTL851,4m of Lietuvos Energija AB, of which LTL258,3m accounted for transmission and transit business, LTL464,7m - sales of auctioned, regulating and balancing electricity and public service obligations, LTL111,8m - electricity exports. Compared to the respective period in 2006, the revenues increased by 17,7 per cent. The revenue growth was mostly conditioned by a higher price of public obligations.

During nine months of this year the sales costs of Lietuvos Energija AB increased by 17,2 per cent year-on-year and totaled LTL800,4m. The cost growth was subject to a substantial increase in prices of public service obligations  and larger volumes of such electricity purchased from generators. The bulk costs - 65 per cent were incurred by electricity purchases and imports.

Lietuvos Energija AB timely met its financial and contractual obligations. During the three quarters credit institutions were paid back LTL277,7m of loans, LTL245,5m were borrowed, financial obligations of the company at the end of the period accounted for LTL84,7m. These 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.