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Ventspils nafta Group had profit of 5 million lats in the first quarter

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Ventspils nafta Group had profit of 5 million lats in the first quarter

may 31, 2013 / Ventspils nafta

In the first quarter of 2013 all companies of the Ventspils Nafta (VN) Group – Ventspils Nafta, Latvian Shipping Company, Ventspils Nafta Termināls and LatRosTrans – have worked with profit. The total net profit of the VN Group was 4.96 million lats, which is a considerably better result in comparison with the first quarter of the past year when the VN Group worked with losses of 6.94 million lats. The Group’s turnover in the first quarter of this year reached 33.84 million lats. 

In the first quarter, a cut in the VN Group’s administrative expenses was achieved in the amount of 662 thousand lats, or 27% in comparison with the first quarter of 2012.

For the first time since 2008, the VN Group’s company JSC Latvian Shipping Company and its subsidiaries (LSC Group) have worked with a profit in the quarter, even though it is insignificant – 45 thousand lats. Exactly the good financial results of the LSC Group are what led to success in achieving profit of the entire VN Group in the first quarter.

Net profit of Ventspils Nafta Termināls (VNT) in the first quarter was 2.87 million lats, while turnover reached 15.65 million lats. VNT has transshipped about 3.35 million tons of petroleum products.

LatRosTrans (LRT) has worked with a net profit of 2.01 million lats in the three months. Although, it should be taken into account that the unrealised profit of LRT from exchange rate fluctuations reached 1 million lats in this period of time, in turn for comparison – in the first quarter of the last year fluctuations of exchange rate created unrealised losses for the company, in the amount of 0.47 million lats. Turnover of LRT in the first quarter was 3.79 million lats, but volume of transported diesel was 1.93 million tons, which is 21.82% more than in the first quarter of 2012.

In the first quarter of 2013 the administrative expenses of the VN Group’s parent company were 169 thousand lats, which is 8.15% less than in the respective period in 2012.

Attachment

Unaudited Condensed Consolidated Financial Statements for Q1 2013


About JSC Ventspils nafta

JSC Ventspils nafta is one of the largest groups of companies in Latvia and works in the petroleum product transport, transhipment, storage and the 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.

Joint stock company 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.