Photo: Courtesy of Gasum

Finland’s Gasum sees quarterly profit decline

Finnish state-owned gas company Gasum reported a 30 per cent year-on-year decline in net profit saying it only had minor impacts from the Covid-19 coronavirus pandemic.

Gasum LNG
Image courtesy of Gasum

Lower power and gas prices have weighed down on Gasum’s profits.

Gasum’s net profit totaled 12.3 million euros ($13.3m), compared to 17.5 million euros in the January-March period last year.

Quarterly revenue declined 44.6 percent to 177.4 million euros.

Gasum’s chief executive Johanna Lamminen said that the company has taken numerous measures to safeguard the continuity of the company’s business and progress projects during the pandemic.

Demand for natural gas was also low in the first quarter with Finnish pipeline gas demand decreasing by about 20 percent year-on-year.

Gasum expects the uncertainty related to the pandemic to continue in the energy market further dampening demand.

During the quarter, Gasum signed a liquefied natural gas supply deal with Norway’s Equinor while the company also continued developing its LNG and biogas fuelling business.