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LRT profit in H1 2012 - 670 thousand lats

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LRT profit in H1 2012 - 670 thousand lats

august 28, 2012 / LatRosTrans

In the first half-year LatRosTrans Ltd (LRT) has worked with a profit of 670 thousand lats, which indicates to the company’s operation being put in order. For comparison – in the first half-year of 2011 the company had losses of 1.4 million lats. The company’s turnover was 5.7 million lats in the first half-year of 2012.

In the first half-year of 2012, volumes of petroleum product transport by pipeline were 2.9 million tons, which is 73% of the pipeline’s transport capacity.

 “The increase in the company’s profit results, whilst the turnover and transhipment volumes remain constant, is attributable to increased efficiency in the company’s operation. We have optimized several technological processes and structure of costs,” explains the Head of LRT Igors Stepanovs.

The Company’s growth tendency can be observed also in the latest operating results of 7 months. The company’s turnover in the 7 months was 6.7 million lats, volumes of transported petroleum products – 3.4 million lats, but the profit result reached 1.2 million lats. The profit increase compared to the same period last year is 2.5 million lats (LRT had losses of 1.3 million lats in the 7 months of 2011).

About LatRosTrans

LatRosTrans Ltd owns two oil pipelines in the territory of the Republic of Latvia – Polotsk-Mazeikiai and Polotsk-Ventspils, and oil in these pipelines has not been pumped for the last years. In turn the petroleum product pipeline Polotsk-Ventspils currently still actively provides transport of diesel.

LatRosTrans Ltd is the largest Latvian-Russian joint venture in the Baltic States. The Russian partner – joint stock company Transnefteprodukt (subsidiary of Transneft) owns 34% of the company’s shares, while 66% of the shares are owned by joint stock company Ventspils nafta (NASDAQ OMX RIGA: VNF1R).