June 01, 2018 [The Baltic Course] - Turnover of Ventspils Nafta Terminals (VNT), a stevedore of Ventspils Nafta holding, dropped by 15.9% last year to EUR 52.842 million, while its profit rose 22.9% from a year before to EUR 16.137 million, writes LETA, according to the company's financial report available in Firmas.lv business database.
The management said in its report that cargo handling in 2017 declined to 6.1 million tons from 6.9 million tons in 2016. Transportation of cargos by rail and sea accounted for 2.6 million tons, and transportation of cargo by diesel pipelines reached 3.5 million tons.
At the same time, the company implemented its upgrade processes, optimized operations and procedures, increased organizational efficiency in order to adapt to the changing market situation in relation to lower cargo volumes.
In 2016, VNT generated EUR 62.855 million in sales, while the company’s profit was EUR 13.191 million.
VNT provides transit services – receipt, storage and loading of crude oil and petroleum products via pipelines, rail tank-cars and tankers. Latvia’s Ventspils Nafta holding company is the largest shareholder in VNT with 51% of shares, while a 49-percent stake in VNT belongs to Eurotank Holding Sarl, a subsidiary of the international terminal company VTTI, which is partly owned by Vitol.
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