During the first quarter of 2020, Latvijas Gaze group faced a challenging market and operating environment. Comparably mild temperatures and the far-reaching lockdown measures connected to the spread of the coronavirus were the key factors shaping the operating environment of the JSC "Latvijas Gaze" during the first quarter of 2020.
The Group's net turnover in the first quarter of 2020 was 65.5 million EUR, EBITDA* amounted to 18.9 million EUR and net profit was 15.3 million EUR.
The sales & trading segment's net turnover in the first quarter of 2020 was 49.7 million EUR, EBITDA for the segment amounted to 9.9 million EUR and profit before taxes reached 9.6 million EUR. JSC "Latvijas Gaze" during the first quarter of 2020 managed to sell 3 307 GWh of natural gas to its customers in Latvia and abroad. The Company entered the Finish natural gas market after its opening on January 1, 2020. During the first quarter of 2020 natural gas delivered to Finnish customers through the Baltic Connector pipeline amounted to 466.4 GWh, which comprised 57% of the Company's total natural gas sales abroad.
Due to the prolonged state of emergency in Latvia until June 9, 2020, client centres of both JSC "Latvijas Gaze" and JSC "Gaso" will remain closed and services for clients will be available only via phone and electronic forms of communication.
Latvijas Gaze group will publish its unaudited consolidated financial statements for the second quarter of 2020 on August 26, 2020.
*More detailed information on the alternative performance measures can be found on page 9 of the financial statements.
Additional information:
Madara Ventere
Head of Finance and accounting division
Phone: +
www.lg.lv
Attachment
- IFRS_Latvijas Gaze Consolidated_Unaudited_3_months 2020 (https://ml-eu.globenewswire.com/Resource/Download/c82e1233-05c3-4d5f-8566-5ba459d16643)
