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Turnover of VNT has increased by nearly 30% in H1 2012

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Turnover of VNT has increased by nearly 30% in H1 2012

august 30, 2012 / Ventspils nafta termināls

The turnover of the JSC Ventspils nafta (NASDAQ OMX RIGA: VNF1R) subsidiary Ventspils nafta termināls Ltd (VNT) has reached LVL 37.7 million in the first half-year of 2012, which is by nearly 30% more than in the first half-year of 2011 (LVL 29.1 million).

“The first half of this year has been very successful for VNT. We have managed to increase throughput and turnover. The increase in turnover is attributable to increase in the proportion of railway traffic and the corresponding increase in our services related to receiving the product by railway”, explains the General Director of VNT Lars Pantzlaff.

“During the first 6 months, we have also managed to decrease our administrative expenses by 11%. The cash flow from operational activity has increased by 36% - from LVL 5.33 million (H1 2011) to LVL 7.26 million (H1 2012) which shows a very healthy business development”, continues Pantzlaff.

In the first half of 2012, VNT has made an investment of LVL 1.4 million in long term assets. Nearly half of those investments are related to pump station modernisation (LVL 0.7 million). VNT has launched the first of three planned new and very modern pump stations which will enable to accommodate product flows better. “Those investments are in line with the latest trends with respect to safety, technology, and energy efficiency”, explains the General Director of VNT Lars Pantzlaff.

The gross profit of VNT is LVL 5.77 million which is a 8.5% increase compared with the same period a year ago (LVL 5.32 million).

In the first six months of this year, VNT has transhipped 7.12 million tonnes of petroleum products. It is a 19% increase compared with the same period a year ago, when 5.987 million tonnes were transhipped. 54% of the transhipped amount came by rail, 43% through a pipeline, and 3% by sea.

About „Ventspils nafta termināls”

VNT provides transit services – receipt, storage and loading of crude oil and petroleum products via pipelines, rail tank-cars and tankers. VNT is technologically the most advanced and largest crude oil and petroleum product transhipment company in the Baltics with the total tank storage capacity of 1.2 million cubic meters.

51% of VNT is owned by JSC “Ventspils nafta”(NASDAQ OMX RIGA: VNF1R), which is one of the largest groups of companies in Latvia and operates in the sector of transit business. JSC “Ventspils nafta” is the Group’s parent company, which manages investments into the Group’s companies, by promoting the Group’s joint values and growth in the value of each individual company.