May 15 (Bloomberg) -- Inter RAO Lietuva AB slumped the most since the Baltic power distributor started trading in Warsaw in December after reporting a 52 percent drop in first-quarter profit.
The stock fell as much as 8.9 percent and traded 7.3 percent lower at 27.5 zloty as of 2:05 p.m. in Warsaw, valuing the company at 550 million zloty ($169 million). The volume of shares traded was twice the 30-day average, data compiled by Bloomberg showed.
The Vilnius, Lithuania-based unit of Russia’s state-controlled electricity company OAO Inter RAO UES had net income of 9.3 million litai ($3.5 million) in January-March, compared with 19.3 million litai a year earlier, it said in a regulatory statement late yesterday.
Profit was hurt by reduced demand for power in the Baltic region and competition from Nordic producers as well as by costs related to the company’s December initial public offering, according to the statement.
The company sold 23.4 million euros of shares in the IPO at 5.85 euros, or 24.17 zloty each.
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