Gasum’s revenue up is first half of 2019

Finish energy company Gasum reported a 6 percent rise in revenue during the first six months of the year. 

Revenue figures reached €632.5 million ($709.1 million) which compares to €597.5 million in the corresponding period of 2018, Gasum said in its report.

Commenting on the results, Gasum’s CEO Johanna Lamminen said, “our financial performance was in line with our expectations during the first half.”

Natural gas consumption was 12.8 TWh, down from 13.6 TWh in 2018 while LNG consumption was 3.6 TWh, down from 3.2 TWh in the first six months of 2018.

Gas consumption decreased year on year because of higher gas consumption volumes triggered by a cold period at the beginning of the reference year, Gasum said.

Going forward, Gasum expects the role of gas to increase and total sales volumes of gas are anticipated to grow.

Last year saw a rise in natural gas consumption in Finland for the first time since 2010 and the tax change in combined heat and power production entering into force at the start of 2019 also improved the competitiveness of gas especially compared to coal, Gasum said.

Gasum said its transmission operations and other businesses will undergo ownership unbundling as from the beginning of 2020. Following that, the transmission business will operate in a separate company.