OREANDA-NEWS. During the first quarter of this year, the state-controlled energy group Lietuvos Energija increased its efficiency and improved operating results in presence of lower service prices to consumers and lower generation of subsidised electric power. Strategic acquisition of shares of Lietuvos Dujos and LESTO completed in the second quarter increased the group's value and its financial capacity.

Efficiency indicator of Lietuvos Energija group - earnings before interest, tax, depreciation and amortization (EBITDA) margin - accounted for 27.2 per cent during the quarter (compared to 23.1 per cent in the first quarter of 2013). During the first quarter of 2014, the group earned a total of LTL 195.5 million in EBITDA, which was 12.3 per cent more than a year ago.

“By an effective management of group's activities, we managed to significantly increase group's results and return on state property even in presence of lower tariffs to consumers, lower generation of subsidised electric power and saving public service obligations (PSO) budget. Financial strength of the group also increased during the quarter - with reducing debts the group's capability to carry out large investment projects and strategic acquisitions that strengthen the entire energy sector enhanced” - said Dr. Dalius Misiunas, Chairman of the Board and CEO of parent company of the group Lietuvos Energija.

During the first quarter of this year, Lietuvos Energija earned LTL 66.2 million of consolidated net profit, which was almost four times more than during Q 1 of 2013 (LTL 17.7 million). Revenue earned by the group amounted to LTL 721.4 million (compared to LTL 756 million in the respective period of 2013).