JSC “Latvijas Gāze”: Unaudited financial results of JSC “Latvijas Gāze” Group for 3 months of 2023
May 25 2023 - 8:00AM
JSC “Latvijas Gāze”: Unaudited financial results of JSC “Latvijas
Gāze” Group for 3 months of 2023
Latvijas Gāze Group continued to face various
challenges in the first quarter of 2023, mainly in connection with
significant natural gas price fluctuations. Thanks to the
experience accumulated over the years and extensive knowledge of
the natural gas market in Latvia and Europe, Latvijas Gāze
continued its operations, ensuring an uninterrupted supply of gas
to its customers, including fulfilling its obligations as Public
Trader towards more than 340 000 household clients.
Latvijas Gāze Group’s net profit in the first
quarter of 2023 reached 12 million EUR, which was 85% lower
compared to the corresponding period of 2022, when the net profit
was 77.5 million EUR. The significant decrease in profit can
be explained by the fact that the result of the economic activity
of the first quarter of 2022, due to the accounting methodology of
financial derivative transactions, actually reflected the results
of the economic activity of both 2021 and the first quarter of
2022. However, in the first quarter of 2023 such situation was not
observed.
JSC "Latvijas Gāze" subsidiary JSC "Gaso" has
reached 5 million EUR net profit in the first three months of 2023,
which is 44% higher compared to the first quarter of 2022. The
profit partially compensates the losses incurred in 2022.
JSC “Latvijas Gāze” Group will publish its
Unaudited Consolidated Interim Condensed Financial Statements for 6
months of 2023 on 30 August 2023.
JSC “Latvijas Gāze” Chairman of the Board Aigars Kalvītis
www.lg.lv
- IFRS_Latvijas Gāze 03.2023 ENG
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