Unaudited Financial Report of 3 months of 2014
In 3 months of the year 2014, the JSC Latvijas Gāze sold to the consumers 489 million m3 of natural gas. In comparison with the respective period of 2013, the natural gas sales decreased by 21.8 % due to the differences in outdoor air temperature and investments by heat supply companies in the use of renewable energy resources and a partial replacement of fossil fuels with woodchip.
Over 3 months of 2014, the consumers were sold natural gas and provided services for EUR 186.8 million, which is by 25,4 % less than in the respective period of 2013.
The decrease of income year-on-year stems from the lower natural gas sales volume and fact that during 3 months of 2014, due to changes in oil product quotations and currency rates, the residential and industrial customers were applied differential natural gas sale end-user tariffs corresponding to a natural gas sale price 8.1% below that of the 3 months of 2013. The income saw decrease both in the industrial and household sector.
The Company completed 3 months of 2014 with a profit of EUR 5.2 million, which is 14.8% lower than in the respective period 2013 when the Company profited EUR 6.1 million.
Within the framework of the capital investment programme, EUR 4.0 million of investment funds was spent over 3 months of 2014, mostly on the renovation of gas transmission and distribution pipelines.
The natural gas withdrawal season in the 1st half of 2014 was longer than planned because due to urgent repairs on the gas transmission pipeline Torzhok-Valdai a natural gas feed from the Inčukalns UGS was necessary till mid-May. In previous years, the injection of natural gas into the Inčukalns UGS began in mid-April. Despite the delay of the injection season, the Inčukalns UGS will be filled, as this year, due to the mild winter, the volume of gas to be injected is lower.
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