Landsnet's financial statement for Jan-Jun 2024 shows profit despite challenges

From GlobeNewswire: 2024-08-22 10:45:00

Landsnet presented its financial statements for January – June 2024, showing operations in line with plans despite challenges. Executive Guðlaug Sigurðardóttir is pleased with the results, indicating a successful performance reflecting projected income. However, unforeseen constraints like energy shortages impacted revenue, delaying maintenance projects. Significant investments are planned for infrastructure improvement.

The key points of the annual financial statement include a profit of $21.1 million USD and operating profit of $34.9 million USD during the first six months of 2024. The company’s total assets reached $1,151.1 million USD, and total debt stood at $635.8 million USD by the end of the period. Shareholders’ equity was $515.3 million USD.

Landsnet obtained a $50 million USD loan from NIB for eco-friendly projects. The focus is on enhancing energy infrastructure and sustainability, aligning with NIB’s objectives. Notably, the partnership demonstrates trust in Landsnet’s initiatives. Operational cash at the end of June totaled $78.6 million USD, with $45.1 million USD derived from operations.

For more information and to access the annual financial report, visit Landsnet’s website. Contact Executive Guðlaug Sigurðardóttir for further inquiries. Landsnet, established in 2005, manages Iceland’s power transmission network, playing a crucial role in the country’s energy distribution and management. The financial figures are shown in Icelandic Krona, with an average exchange rate of 138.24 USD/ISK for operating numbers.



Read more at GlobeNewswire:: Árshlutareikningur Landsnets hf. fyrir janúar-júní –