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VNF: Profit of JSC Ventspils nafta in the first quarter exceeds 3 million lats

Spekuliantai.lt | 2009-05-29 | NASDAQ OMX biržų naujienos | perskaitė: 1448
Raktiniai žodžiai: Ventspils nafta, VNF
VNF: Profit of JSC Ventspils nafta in the first quarter exceeds 3 million lats

Ventspils nafta Quarterly report 29.05.2009

Profit of JSC Ventspils nafta in the first quarter exceeds 3 million lats

Consolidated net profit of the public joint stock company Ventspils nafta Group
has reached 3.05 million lats in the first quarter of 2009 with the Group's
consolidated net turnover of 20.5 million lats in the first three months. In
the light of the processes in global economy that are closely related to work
of JSC Ventspils nafta Group companies in circumstances of international
competition, these results attest that JSC Ventspils nafta Group is able to
flexibly and effectively react to the topical changes in market situation.
Previously published consolidated net profit forecast of JSC Ventspils nafta
for the entire year 2009 is at least 2 million lats.

“The events in global and Latvian economy have substantially affected activity
of JSC Ventspils nafta Group companies that in the transit business sector, as
they were directly affected by consequences of global processes and politically
economic decisions made in Latvia in the level of local business activity. This
year has been very complicated, yet the JSC Ventspils nafta Group companies
have been able to adjust to the operative interests of their customers and to
ensure stable operating results,” emphasizes the Chairperson of the Management
Board for JSC Ventspils nafta Olga Pētersone.

Although financial market fluctuations in global market have decreased in the
first quarter of 2009 and increase of US dollar exchange rate has had a
positive impact on the financial result of the first quarter, the Management
Board for JSC Ventspils nafta has used conservative approach and formed
provisions of LVL 4 million for possible financial market fluctuations during
the remainder the year, reflecting exchange market risk that has had a negative
effect on financial results of JSC Ventspils nafta Group in the previous
periods.

JSC Ventspils nafta subsidiary crude oil and petroleum products transshipment
company Ventspils nafta termināls Ltd has ensured a stable level crude oil and
petroleum products transshipment volumes in the first quarter of 2009, which is
the same to the transshipment volume reached by the terminal in the first three
months of 2008. In the period from January until March 2009, 3.8 million tons
of crude oil and petroleum products were transshipped by Ventspils nafta
termināls Ltd.

In 2009, Ventspils nafta termināls Ltd is working in circumstances of intense
competition and global financial and economic crisis, at the same time
continuing implementation of the company's modernization projects in order to
strengthen positions of Ventspils nafta termināls Ltd as the largest crude oil
and petroleum products transshipment complex in the Baltic region. Among the
most significant projects of Ventspils nafta termināls Ltd for improvement of
infrastructure to ensure maximally effective operation of the company in the
coming years is also construction of the pipeline corridor from the company's
territory to the jetties in the Ventspils port where loading into tankers is
carried out - the planned investments into this project could be about 3.7
million lats.

In the first three months of 2009, stable work has been done also by JSC
Ventspils nafta subsidiary LatRosTrans Ltd - owner and operator of main crude
oil and petroleum products pipelines in the territory of Latvia. This company
has transported more than 1.5 million tons of diesel fuel and has thereby
exceeded its own forecasts for the first quarter of this year.

Whereas the public joint stock company Latvian Shipping Company - the
associated company of JSC Ventspils nafta - has managed to gain net profit of
7.6 million US dollars in the first quarter of 2009 as a result of effective
optimization of expenditure, despite the fact that activity of the company has
been considerably affected by such external factors such as the low market
activity and the dramatic decline of freight rates in the shipping market. The
rapid global recession along with intensive delivery of new vessel tonnage in
the market caused considerable reduction of the demand for tanker tonnage.
Negative tendencies could be observed in the tanker shipping markets already in
June last year and have prevailed also in 2009. As a result of unfavorable
external circumstances, income of JSC Latvian Shipping Company in the first
quarter of 2009 from activity of tanker fleet was lower in comparison with the
same period in the previous year.

In the intense economic circumstances, JSC Ventspils nafta will also further
work with a view to ensure accomplishment of goals set by shareholders and
implementation of the strategic development programs of Group companies.

Joint Stock Company Ventspils nafta is the central holding company in a
transit-oriented Group whose task is to manage the investments in subsidiaries
by promoting the Group's joint values and growth in the value of each
subsidiary individually. JSC Ventspils nafta Group is working in the following
areas: transshipment of crude oil and petroleum products; transport of crude
oil and petroleum products by pipelines; shipping.


JSC Ventspils nafta
For further information -
Gundega Vārpa,
Public Relations and Advertising Manager,
tel.: +371 67229182;
e-mail: gundega.varpa@vnafta.lv
www.vnafta.lv
www.vnt.lv
www.latrostrans.lv



1. vn_2009_1cet_konc_eur eng.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=227207)
2. vn_2009_1cet_konc_lvl eng.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=227208)

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