February 6, 2012 [Yahoo! Finance] - At the AGM, Richard Healey Non Executive Chairman and Simon Escott CEO will give the following update. Despite the problems caused by the delay in the 2010 Audit process, we are pleased to announce that considerable progress has been achieved in the last few months and the Group's operations are trading profitably
Petro Broker International BV (PBI) has been fully integrated into the Group and the cost savings which commenced in early 2011 have now flowed through to the bottom line.
All tanks are fully let and it is expected that the increase in the cost of Fuel Oil and Bunker Fuel seen over the last month will have a positive effect on rates for 2012.
Haahr Tank-Lager A/S in Albenraa Denmark, a 160,000 cubic meter terminal was acquired in November 2011.
The terminal has been re-named Dan-Balt Tank Lager A/S (“Dan-Balt”). As announced, it will take at least six months to integrate the terminal into the Group and work has already commenced on this.
However the terminal is already profitable, and with the switch from storage to transhipment operations we are confident that Dan-Balt will become an important profit centre for Baltic by Q3 2012.
The Group now has over 280,000 cubic meters of tank storage under management and/or ownership, outside of Russia.
