Interim report (Q1 and Q3)
CORRECTION: Latvijas Gāze, JSC: Financial results for the third quarter of 2018
CORRECTION: In the Latvian text of the Management report, net profit has been corrected into net turnover.
The first nine months of 2018 was the first full nine-months period of business for the new structure of Latvijas Gāze group.
In the first nine months of 2018 Latvijas Gāze group sold 960 million m3 (10 111 GWh) of natural gas to more than 400 thousand customers. The group’s net turnover for the reporting period amounted to 261.3 million EUR and net profit was 18.6 million EUR.
After opening of the Latvian natural gas market in 2017 the Group’s trading segment faces an increasingly competitive market environment with new market players offering their products and services in the Latvian natural gas market. Despite the increase in competition, the JSC “Latvijas Gāze” successfully prolonged contracts with a number of key customers. Due to changed purchasing patterns of large customers, the Company also sold larger gas volumes during July, August and September. As in the previous year, the JSC “Latvijas Gāze” injected significant volumes of natural gas into the Incukalns Underground Gas Storage during August and September in order to ensure security of supply for its customers during the winter season 2018/2019.
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