Estonia's state-owned energy group Eesti Energia earned a net profit of 24.7 million euros in the first quarter which represents a drop of 56 percent compared to the year-earlier 57 million euros.
Estonia's Eesti Energia sees quarterly profit shrink 56 pct on year
1st May 2013, 14:24
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Profit before tax (EBITDA) was 73.1 million euros, down by 11.2 percent in annual comparison, the company said. The change in the group's profitability was negatively influenced by the absence of one-off income - in the first quarter of 2012 Eesti Energia sold its telecommunications subsidiary Televorgu AS. Lower electricity sales margin also had a negative impact.
The group's operating profit was 44.2 million euros, 21.7 percent smaller than in the first quarter of last year.
Consolidated revenues totaled 289.1 million euros, an increase of 22.6 percent compared to 236 million euros a year earlier.