Electricity utility turns over less, rakes in more

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Latvia’s electric energy concern Latvenergo, despite a reduction in turnover of 20%, actually profited to the tune of 28% more in the first quarter of the year compared to last year’s equivalent time period, according to unaudited results released by the utility Friday.

It posted income earnings of €259.5mn for the period and attributed the reduction in turnover to the missing mandatory procurement sector earnings from the point when the joint-stock company for the public marketing of electric energy Enerģijas publiskais tirgotājs began work on April 1, 2014.

The utility also showed a 10% increase in clients in the neighboring countries.

Last year Latvenergo turned over €1.01bn and kept €29.8mn in profits.

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