June 03, 2013 [Globe Newswire] - In the first quarter of 2013 all companies of the Ventspils Nafta (VN) Group – Ventspils Nafta, Latvian Shipping Company, Ventspils Nafta Terminčls 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 Terminčls (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.
