Ventspils nafta posts its financial results for Q1 2015
Ventspils nafta has posted its financial results for the first quarter of 2015. The financial results of Ventspils nafta and its subsidiaries (the Group) were as follows: Net profit was 12.04 million EUR; Consolidated income rose by 2.6% to 48.59 million; Gross profit increased by 24.5% to 14.5 million EUR; Consolidated administrative costs fell by 0.57 million EUR to 2.88 million EUR.
Ventspils nafta terminals (VNT): Income fell insignificantly by 0.84 million EUR to 24.1 million EUR; Gross profit rose to 0.19 million EUR to 4.43 million EUR; Net profit was 3.59 million EUR; In Q1 2015, 47% or 1.6 million tonnes of the transhipped amount came by rail or sea, 53% or 1.8 million tonnes through pipeline.
LatRosTrans (LRT): Revenue was 5.23 million EUR; Gross profits rose 0.15 million EUR to 2.54 million EUR; Net result in the reporting period was 6.12 million EUR; Volumes of transported petroleum products rose by 2.3% to 1.80 million tonnes; Net result was influenced by the net profit from exchange rate fluctuations – 7.4 million EUR.
Latvian Shipping Company and its subsidiaries (LSC Group): Revenue was 21.98 million USD with a stable net voyage result for the period of 19.93 million USD; Net profit was 2.98 million USD; Fleet operating profit - 13.03 million USD.
JSC “Ventspils nafta” is one of the largest groups of companies in Latvia and works in the petroleum product transport, transhipment and storage, as well as 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.
JSC “Ventspils nafta” owns 51% in ““Ventspils nafta” terminals” Ltd, which is the largest crude oil and petroleum product terminal in the Baltics; 66% in “LatRosTrans” Ltd, which is a Latvian-Russian joint venture; 49.94% in JSC “Latvijas kuģniecība”, which is among the leading ship owners in the world in the medium-sized and handy tankers category.
