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JSC Ventspils nafta Group completes the first quarter with a profit of EUR 10.81 million

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JSC Ventspils nafta Group completes the first quarter with a profit of EUR 10.81 million

may 30, 2014 / Ventspils nafta

JSC Ventspils nafta and its subsidiaries finished the first quarter of this year with a net profit in the amount of EUR 10.81 million, which is 53.1% more than in the first quarter of 2013, when it was EUR 7.06 million. In turn the consolidated income in the reporting period was EUR 47.38 million.

The income of Ventspils nafta terminals Ltd increased by EUR 2.67 million to EUR 24.94 million, the reason for that was a slight rise in petroleum product transshipment volumes to 3.44 million tons. Net profit reached EUR 3.6 million.

Income of LatRosTrans Ltd in the reporting period was EUR 5.1 million, in turn net profit was EUR 1.77 million. The company reloaded 1.76 million tons of petroleum products in the first quarter of this year.

The total income of JSC Latvijas kuģniecība and its subsidiaries was USD 23.66 million, in turn net profit was USD 7.26 million.

The management of JSC Ventspils nafta points out that in the first quarter of this year the Group’s companies reached the expected income and profit forecasts.

Enclosed: unaudited condensed interim consolidated financial statement for the first quarter of 2014.

 VN unaudited condensed interim consolidated financial statements for Q1 2014

About JSC Ventspils nafta

 

JSC Ventspils nafta is one of the largest groups of companies in Latvia and works in the petroleum product transport, transshipment, storage and shipping sector. JSC Ventspils nafta is the Group’s parent company, which manages investments in subsidiary companies, by promoting the Group’s joint values and growth in value of each individual company. 

JSC Ventspils nafta owns 51% in Ventspils nafta termināls Ltd, which is the largest crude oil and petroleum product terminal in the Baltics; 66% in LatRosTrans Ltd, which is the largest Latvian-Russian joint venture in the Baltics; 49.94% in JSC Latvijas kuģniecība, which is among the largest ship owners in the world in the medium-sized and handy tankers category.

Shares of JSC Ventspils nafta (NASDAQ OMX RIGA: VNF1R) are quoted in the Baltic Official List of the stock exchange NASDAQ OMX Riga since October 20, 1998.

 

 

Elīna Dobulāne, Communications Consultant
         

JSC Ventspils nafta
         

Phone: +371-25959447
         

E-mail: elina.dobulane@vnafta.lv
         

www.vnafta.lv