VILNIUS — Thanks to the closure of the country’s nuclear plant and one of the harshest winters in living memory and lower corporate tax, Lietuvos Dujos’ profits surged 144 percent in the first quarter of the year, compared to 2009.

The national gas company has become one of the only sources for energy in Lithuania after the Ignalina Nuclear Power Plant was shut down on Jan. 1 this year. Now heat and electricity production [private_supervisor]relies on gas.

The company, which is part owned by the state, reported to the stock exchange that pre-tax profit rose 124 percent to 85.2 million litai (€24.7 million).

“The revenue and profit growth due to the closure of the Ignalina nuclear power plant and the unusually cold weather in the first quarter of this year caused a significant increase in sales and transportation of natural gas in the quantities of electricity and heat. The net profit growth is also affected by lower corporate tax rates this year and a strict cost saving program to increase the efficiency,” Lietuvos Dujos CEO Viktoras Valentukevičius said in the report to the stock exchange.

After the announcement, the company’s stock prices rose by 7.73 percent, while others remained flat. Swedbank analysts told Verslo Žinios that the jump in stock price was directly related to the release of their first quarter results.

Meanwhile, the company, which supplies almost 100 percent of the country’s gas needs, had its wish granted to raise gas tariffs by around 15 percent for consumers and around 20 percent for industry. The State Prices and Energy Control Commission, which regulates energy sale prices, approved the companies request last week. Prices will rise from July 1 this year.

The increase in sales, coupled with the huge increase in profits prompted the Government Pricing Commission to publicly raise the question “why?”

The commission said it would wait for “compelling arguments” as to why the gas price needs to rise so dramatically.

The first quarter of the year is always the company’s best period of the year, when gas usage is at its highest.

Along with higher profits, have come slightly higher investment levels. The company spent 4.5 percent more on infrastructure investment during the quarter. [/private_supervisor] [private_subscription 1 month]relies on gas.

The company, which is part owned by the state, reported to the stock exchange that pre-tax profit rose 124 percent to 85.2 million litai (€24.7 million).

“The revenue and profit growth due to the closure of the Ignalina nuclear power plant and the unusually cold weather in the first quarter of this year caused a significant increase in sales and transportation of natural gas in the quantities of electricity and heat. The net profit growth is also affected by lower corporate tax rates this year and a strict cost saving program to increase the efficiency,” Lietuvos Dujos CEO Viktoras Valentukevičius said in the report to the stock exchange.

After the announcement, the company’s stock prices rose by 7.73 percent, while others remained flat. Swedbank analysts told Verslo Žinios that the jump in stock price was directly related to the release of their first quarter results.

Meanwhile, the company, which supplies almost 100 percent of the country’s gas needs, had its wish granted to raise gas tariffs by around 15 percent for consumers and around 20 percent for industry. The State Prices and Energy Control Commission, which regulates energy sale prices, approved the companies request last week. Prices will rise from July 1 this year.

The increase in sales, coupled with the huge increase in profits prompted the Government Pricing Commission to publicly raise the question “why?”

The commission said it would wait for “compelling arguments” as to why the gas price needs to rise so dramatically.

The first quarter of the year is always the company’s best period of the year, when gas usage is at its highest.

Along with higher profits, have come slightly higher investment levels. The company spent 4.5 percent more on infrastructure investment during the quarter. [/private_subscription 1 month] [private_subscription 4 months]relies on gas.

The company, which is part owned by the state, reported to the stock exchange that pre-tax profit rose 124 percent to 85.2 million litai (€24.7 million).

“The revenue and profit growth due to the closure of the Ignalina nuclear power plant and the unusually cold weather in the first quarter of this year caused a significant increase in sales and transportation of natural gas in the quantities of electricity and heat. The net profit growth is also affected by lower corporate tax rates this year and a strict cost saving program to increase the efficiency,” Lietuvos Dujos CEO Viktoras Valentukevičius said in the report to the stock exchange.

After the announcement, the company’s stock prices rose by 7.73 percent, while others remained flat. Swedbank analysts told Verslo Žinios that the jump in stock price was directly related to the release of their first quarter results.

Meanwhile, the company, which supplies almost 100 percent of the country’s gas needs, had its wish granted to raise gas tariffs by around 15 percent for consumers and around 20 percent for industry. The State Prices and Energy Control Commission, which regulates energy sale prices, approved the companies request last week. Prices will rise from July 1 this year.

The increase in sales, coupled with the huge increase in profits prompted the Government Pricing Commission to publicly raise the question “why?”

The commission said it would wait for “compelling arguments” as to why the gas price needs to rise so dramatically.

The first quarter of the year is always the company’s best period of the year, when gas usage is at its highest.

Along with higher profits, have come slightly higher investment levels. The company spent 4.5 percent more on infrastructure investment during the quarter. [/private_subscription 4 months] [private_subscription 1 year]relies on gas.

The company, which is part owned by the state, reported to the stock exchange that pre-tax profit rose 124 percent to 85.2 million litai (€24.7 million).

“The revenue and profit growth due to the closure of the Ignalina nuclear power plant and the unusually cold weather in the first quarter of this year caused a significant increase in sales and transportation of natural gas in the quantities of electricity and heat. The net profit growth is also affected by lower corporate tax rates this year and a strict cost saving program to increase the efficiency,” Lietuvos Dujos CEO Viktoras Valentukevičius said in the report to the stock exchange.

After the announcement, the company’s stock prices rose by 7.73 percent, while others remained flat. Swedbank analysts told Verslo Žinios that the jump in stock price was directly related to the release of their first quarter results.

Meanwhile, the company, which supplies almost 100 percent of the country’s gas needs, had its wish granted to raise gas tariffs by around 15 percent for consumers and around 20 percent for industry. The State Prices and Energy Control Commission, which regulates energy sale prices, approved the companies request last week. Prices will rise from July 1 this year.

The increase in sales, coupled with the huge increase in profits prompted the Government Pricing Commission to publicly raise the question “why?”

The commission said it would wait for “compelling arguments” as to why the gas price needs to rise so dramatically.

The first quarter of the year is always the company’s best period of the year, when gas usage is at its highest.

Along with higher profits, have come slightly higher investment levels. The company spent 4.5 percent more on infrastructure investment during the quarter. [/private_subscription 1 year]

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