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"Latvijas Gaze" profit down 15.8% to LVL 22.9 million in 2012

 RIGA, Feb 28 - Joint-stock gas supply company "Latvijas Gaze" concluded 2012 with LVL 22.9 million in profit, a 15.8 percent decrease on 2011, when the company's profit reached LVL 27.2 million, according to the company's announcement at "NASDAQ OMX Riga".

In 2012, consumers were sold natural gas and provided services worth LVL 427.4 million, 21 percent more than in 2011.

The increase of income year-on-year stems from the fact that, in 2012, due to changes in oil product quotations and currency rates, residential and industrial customers were applied differentiated natural gas end-tariffs corresponding to a 33 percent higher natural gas price than that of 2011. "Latvijas Gaze" income grew both in the industrial and household sector.
In 2012, "Latvijas Gaze" consumers were sold 1.46 billion cubic meters of natural gas. Compared to 2011, the company's natural gas sales decreased 6.2 percent due to differences in outdoor air temperature and investments by heat supply companies in the use of renewable energy resources and partial replacement of fossil fuels with woodchips.

Within the framework of the company's capital investment program, LVL 19.2 million of investment funds was spent in 2012, mostly on renovating gas transmission and distribution pipelines, modernizing technological equipment and reconstructing wells.

The gas injection season at the Incukalns Underground Gas Storage Facility began on April 25, 2012 and ended on October 11, 2012. 2.2 billion cubic meters of natural gas were injected into the Incukalns UGS, reaching the active gas volume of 2.3 billion cubic meters at the end of the injection season.
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