Energy giant Eesti Energia doubled its profit to 51 million euros in the first quarter compared to the same period a year ago.
That figure is even more astonishing as turnover decreased by a fifth to 226 million euros due to the warm winter. The company produced 2.4 terawatt-hours of electricity in the first three months, 23 percent less than a year ago.
The company said electricity sales were lower, but more profitable due to a strategy of minimizing risks.
Eesti Energia produced 15 percent more oil shale (62,000 tons), which made up 6 percent of turnover and 12 percent of the profit.
Another state-owned utility company, transmission system operator Elering, reported 20.8 million euros in profits in Q1, on level with results from the same period in 2013.
The company said the results were better than expected mainly due to more cross-border transfers. Turnover grew by 1.3 million to 43.8 million euros.