Lietuvos energija ups 2012 net profits substantially
VILNIUS. Feb 28 (Interfax/BNS) - The Lithuanian group of power-generating companies Lietuvos energija increased pre-audit net profits to LTL 36 million last year, 18-fold more than 2011's LTL 2 million, a statement issued by the group says.
The group's revenues increased 1% to LTL 1.444 billion last year.
"The growth in Lietuvos energija's profits can mostly be associated with successful commercial activity on the free electric energy market and efficient management that helped reduce losses on regulated activities. Although the competition on the free market rose sharply, sales by the group's enterprises on it grew," the statement quotes Lietuvos energija chief Dalius Misiunas as saying.
Lietuvos energija increased EBITDA (earnings before interest, taxes, depreciation, and amortization) 160% last year to LTL 137 million, and the company's EBITDA margin was up 5.5 percentage points at 9.5%.
State-controlled Visagino atomine elektrine owns 96.13% of the stock in Lietuvos energija.
The national currency litas is pegged to the euro at LTL 3.4528/EUR1.
