Lietuvos Dujos Increased EBIDTA by 18% in 2015

Lithuania's Lietuvos Dujos increased its earnings before interest, taxes, depreciation and amortisation (EBITDA) by €24mn, an increase of more than 18% from 2014. 

In a statement released on February 15, the company, which has been merged into Energijos Skirstymo Operatorius (ESO) since last month, said that actual sales revenues had increased by only 0.6% on 2014 to €54.9mn. However, it credited lower operating costs and higher income for the increase in EBITDA. 

Gas distribution operations were particularly important to the company in 2015 as it more than doubled the net profit it earned from those operations to €12.8mn in 2015, up from €5.9mn.

An interim report for 2015 is to be published on February 26 2016. 

Chairman of the Board and the CEO of ESO Liudas Liutkevičius said that changes made by the company to reduce costs and to ensure simpler management and efficient operations will be worth more than €2mn to the company annually. He said that indications were strong for the future. 

"According to preliminary estimations, the financial effect of the changes implemented in Lietuvos Dujos in 2015 will reach about €2.3mn per year. A specifically inspiring indication is the number of customers that has been steadily growing during the last year. This shows that natural gas is again becoming an attractive fuel – due to its favourable price, simple and efficient use." 

Erica Mills