Gross profit of Ventspils nafta terminals up 6.8% to 9.19 mln lats in 9M’13
Gross profit of Ventspils nafta terminals (VNT) in the 9 months was 9.19 million lats or 6.8% more than in the same reporting period in 2012 (8.61 million lats), in turn net profit was 7.33 million lats, the company announced.
“Although the financial results of the company are comparatively positive, as it was predicted last year, comparatively 18.4% less petroleum products were transhipped in the first 9 months of 2013. The fall can be explained with global processes –USA becoming net exporter, the favourable trading conditions in the market of the Black Sea and other factors that are out of VNT control,” explains the Managing Director of VNT Lars Pantzlaff in the company’s business update presentation.
8.0 million tons of petroleum products were transhipped by VNT in the first 9 months of 2013, and that is a 18.4% decrease in comparison with a corresponding period a year ago when the transhipment volumes were 9.8 million tons. In total 41.2% of the transhipped product volumes were received by railway or by sea but 58.8% – by pipeline.
“The positive financial results of VNT even in spite of the decline in the transhipped volumes indicate that the development strategy implemented by the company to date has been correct and that is largely an achievement of our team. We have always held a view that investments into development of working environment and into employees is key to business of any company. It is also positive that it has been evaluated by third parties – in 2013 we have been recognised as the best employer in Kurzeme and have gotten in the Silver category in the Sustainability Index, moreover, we participated in it for the first time,” Pantzlaff continues.
By marking the future perspectives and goals of VNT, Pantzlaff indicates maintenance of positive financial results as the most essential in the comparatively unstable economic conditions. “We also see continuous optimisation of work of the company and ensuring of flexibility as a natural component of business nowadays,” the Managing Director of VNT indicates.
Just as in the previous years, VNT has planned to pay much attention to the issues of environment protection, and setting up a vapour recovery system is defined as the next year’s priority in this area.
VNT provides transit services − the receipt of crude oil and petroleum products via pipelines, rail tank cars and tankers, as well as their storage and transhipment. VNT is technologically the most advanced and largest crude oil and petroleum product transhipment company in the Baltics with the total tank storage capacity of 1.2 million cubic meters.
51% of VNT is owned by JSC Ventspils nafta (NASDAQ OMX RIGA: VNF1R), which is one of the largest groups of companies in Latvia. JSC Ventspils nafta is the Group's parent company, which manages investments into the companies within the Group, thus facilitating the growth in the overall value of the Group and its individual companies.