JSC “Latvijas Gaze”: Unaudited Financial Results of JSC “Latvijas Gaze” Group for 3 months of 2023

Source: www.gulfoilandgas.com 5/25/2023, Location: Not categorized

Latvijas Gaze 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 Gaze 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 Gaze 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 Gaze" 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 Gaze” Group will publish its Unaudited Consolidated Interim Condensed Financial Statements for 6 months of 2023 on 30 August 2023.

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