Inter RAO Lietuva AB reported Net Loss for First Quarter

By Marc Castro

May 16, 2013 07:49 AM EDT

Since its trading on the Warsaw bourse last December, Inter RAO Lietuva AB share values has slumped since it reported a 52% drop in its 2013 first quarter. The stock value of the Baltic power distributor has declined by as much as 8.9% with trading at a loss at 7.3% priced at 27.5 zloty.

With the latest share valuations, the company's value has slid to 550 million zloty or US$169 million with volume of shares traded was twice the average for thirty days according to Bloomberg compiled data.

The company is based out of Vilnius, Lithuania and is a unit of Russia's state backed electricity utility firm OAO Inter RAO UES. It reported a net income of 9.3 million litai or US$3.5 million for the first three months of 2013. This is a far cry from the 19.3 milion litai it had earned the previous year according to regulatory documents filed yesterday.

The reduced demand for power in the Baltic region as well as competition from Nordic region producers were the identified reasons for falling profits. This together with related costs to the December IPO undertaken were also blamed for the poor profit performance.

© 2024 VCPOST, All rights reserved. Do not reproduce without permission.

Join the Conversation

Real Time Analytics