Kauno Energija's net profit totals 837,000 litas

The energy company Kauno Energija's audited net profit of the year 2012 totals 837,000 litas, according to the International accounting standards and a net profit of the group was 1,196 thousand litas, Kauno Energija said in a statement.

The company’s sales revenue of the year 2012 is 369,462 thousand litas. The group’s revenue is 369,723 thousand litas.

Audited operating results differ from announced unaudited results, i.e. the net profit of the Company - 1,474 thousand litas, and the net profit of the group - 1 814 thousand litas, according to the International accounting standards, due to the decision of The National Control Commission for Prices and Energy of March 15, 2013, No. O3-90 “Regarding hearing of the issue between UAB “GECO Kaunas” and Kauno Energija by preconceived obligatory order of extrajudicial hearing of complaints and issues”.

Following this decision, the company has to additionally cover the difference of prices of heat purchased from an independent uncontrolled heat producer GECO Kaunas in amount of 569,000 litas, which consisted, as it is described in decision, due to the company’s miscounted comparable heat production expenditures in November and December of the year 2012.