Gas company posts solid earnings for 2014

Latvia’s gas utility company the joint-stock Latvijas Gaze made public its reported €30.07 million in profit, which is 1.9% more than it made in 2013, according to the company's non-audited 12-month financial review, handed in to "NASDAQ OMX Riga" Wednesday.

In 2013, Latvijas Gaze made €29.5 million. The 3.7% increase in earnings last year is connected to alterations in accrued stock due to staff costs and to cover liabilities set in the mutual contract.

Last year, Latvijas Gaze sold to consumers 1.29 billion cubic meters of natural gas; which was a 10.9% decrease over 2013. The slowdown was attributed to fluctuations in air temperature, investments in renewable energy on the part of central heating utilities, and the partial replacement of fossil heat sources with wood chips.

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