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Ventspils nafta Group has profit after a break of three years

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Ventspils nafta Group has profit after a break of three years

february 28, 2013 / Ventspils nafta

The unaudited net profit of JSC Ventspils nafta and its subsidiaries (hereafter – the VN Group) in 2012 was 3.23 million lats, which can be evaluated as a very good result as opposed to the Group’s losses of 12.19 million lats in 2011. However, the VN Group’s joint financial results are still substantially affected by losses of the JSC Latvian Shipping Company (LSC) Group from fleet impairment.

In the past year, turnover of the VN Group has increased by 14.8% and was 135.7 million lats. Gross profit increased by 47% and reached 26.96 million lats. LSC had the most substantial proportion in the increase of gross profit.

While trying to make operation of the VN Group more effective, it is continued to decrease the administrative costs of the companies within the Group – it has been managed to achieve a cost reduction of 18.3% in 2012.

Turnover and financial income of the VN Group’s parent company – JSC Ventspils nafta (VN) were 1.22 million lats in 2012, which is a little less than a year ago. Despite the decrease in income, VN worked with unaudited net profit of 271 thousand lats. That was also facilitated by the 17.3% decrease in administrative costs.

pdf_grey.jpg Ventspils nafta and its subsidiaries unaudited condensed interim consolidated financial statement for the 12 months period ended 31 December 2012

 

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 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.