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Turnover of Ventspils nafta Group has increased by 27%

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Turnover of Ventspils nafta Group has increased by 27%

may 31, 2012 / Ventspils nafta

Consolidated turnover of the JSC Ventspils nafta Group (NASDAQ OMX RIGA: VNF1R) in the first quarter of 2012 was 36.78 million lats, which is 27.5% more than in the first quarter of 2011 (28.84 million lats).

Consolidated turnover of the Ventspils nafta (VN) Group is formed by income from the shipping business – 14.97 million lats (+ 24.5% compared to Q1 2011) and from petroleum product transhipment, storage and transport business – 21.67 million lats (+30% compared to Q1 2011).

The Group’s consolidated gross profit in the first quarter was 6.37 million lats – 13.5% higher than in the first quarter of the last year. The consolidated net profit was negative, namely, in the first quarter the VN Group’s net losses were 6.9 million lats. The main reason for the consolidated net losses in the first quarter of 2012 was impairment of non-financial assets (the fleet) in the amount of 8.3 million lats. Without this recognized impairment of non-financial assets, the VN Group’s net profit in the first quarter of 2012 would have been (1.38 million lats) higher than in the first quarter of 2011 (1.095 million lats). Consolidated net losses attributable to shareholders of the parent company in the first quarter of 2012 were 3.39 million lats.

The financial result of VN as a parent company in the first quarter of 2012 has improved compared to the same period in the last year. In the first quarter of this year, profit of VN was 125 thousand lats, which is two and a half times more than in the respective time period a year ago (50 thousand lats).