Electricity production and distribution group Inter Rao Lietuva reports a 37% slump in net profits in the first quarter 2016. The company says it was hit by disruptions in electricity supply via the new interconnection between Lithuania and Sweden, NordBalt.
Inter Rao Lietuva, which owns subsidiaries in Latvia, Estonia and Poland, has reported €46 million in consolidated revenue in January-March 2016, down from €48.8 million over the same period last year.
The group’s profit amounted to €3.77 million, a 37% decrease year-on-year.
“The electricity market started the year under new circumstances, with new interconnections with Sweden and Poland. Competition in the market has been more intense, while unstable supply via the interconnection with Sweden, launched in February, unscheduled interruptions and repairs, which resulted in unpredictable price fluctuations, have also had an impact on the company’s results and net profits,” Inter Rao Lietuva CEO Giedrius Balčiūnas said in a statement.