Eesti Energia's Q2 Profits Up 76% ({{commentsTotal}})

Source: Photo: Postimees/Scanpix

State-owned energy giant Eesti Energia announced today that its net profit for the second quarter of the year reached 43 million euros, an increase of 76 percent compared to the same quarter of 2012.

The unaudited results showed consolidated sales revenues of 215 million euros, up 22 percent year on year, and pre-tax earnings (EBITDA) of 72 million euros, a growth of 4 percent year on year.

In a statement, the company attributed the higher EBITDA to positive performance of its distribution network and increased heat sales from the completion of its waste-to-energy unit in Iru.

It also noted an increase in its cash flow compared to a year earlier, when it had to pay a substantial amount of corporate income tax on distributed dividends.

The company said that its average market share in the Baltics was around 31 percent in the quarter, taking up about 70 percent of the electricity market in Estonia, 16 percent in Latvia and 10 percent in Lithuania.

Meanwhile, electrical transmission system operator Elering, a separate, state-owned enterprise, said that it had an operating income of 23 million euros, an operating profit of 4.2 million euros and a net profit of 3.1 million euros for the quarter.