The turnover for the group as a whole remained at the same level as last year, decreasing 0.5 percent to 236 million euros. A total of 57 million euros in profit was earned (+32.5%), with the growth coming mainly from liquid fuel sales and the sale of subsidiary Televõrk.
Sales of electricity to private consumers made up 7.1% of Eesti Energia's turnover, while no profits from sale of electricity to residential customers were earned in the first quarter.
Eesti Energia CFO Margus Kaasik said the greatest positive influence on the group's operating profit came from the one-time proceeds from the sale of Televõrk as well as the profitability of Jaotusvõrk and the growth in the sales of liquid fuels. A negative impact stemmed from the low exchange price of electricity and the resulting drop in volumes generated. The volume of heating sales was also smaller in Q1.
Eesti Energia invested 129 million euros in Q1, which is 35 percent more than in the first quarter of last year. The investments were primarily directed toward increasing the operating reliability of the power grid, for establishing an oil plant based on the new Enefit technology, construction of the new Auvere power plant, installation of desulphurization systems, building the Iru WTE unit and modernizing mines.
To finance the investments, Eesti Energia carried out a successful bond issue in early April in a total amount of 300 million euros, and a redemption date of 2018.
Eesti Energia Group's financial results represent the consolidated results of its subsidiaries, which are engaged in generation, distribution and sale of heat and power as well as in providing other services.