Last year Lithuanian Concern Orlen Lietuva, owned by Poland's PKN Orlen, suffered a $34.4 million (88.1 million litas) consolidated net loss. EBIT of the Orlen Lietuva according to international financial reporting standards in the past year totaled $1.1 million (2.8 million litas), RZD-Partner.Ru reports.
Krystian Pater, Director General of Orlen Lietuva complained that the macro-economic situation in the past year was quite difficult. However, he said, the company had started very important projects for the optimization, which could have helped to improve efficiency and lessen the impact of the crisis. “I hope that this will allow us to overcome the effects of the crisis, ensure effective action and achieve higher profitability in the future", Mr. Pater was quoted as saying.
He added that several unresolved issues, such as managing logistic at the terminal of Klaipedos nafta and the construction of pipeline to Klaipeda had heavily contributed to the negative results of the company.
Low NPM from refining and a drop in fuel consumption in major markets in Lithuania, Latvia and Estonia were the main causes of the declining petroleum production. Sales, the Orlen Lietuva said, in comparison with 2008 fell by 22.6%. The sales through marine terminals shrank by 8.5% to 4.3 million tons due to lower volumes at refineries in 2009.
Orlen Lietuva has managed to keep sales volumes on the Ukrainian market, selling more than 500.000 tons of gasoline and diesel fuel.
Krystian Pater, Director General of Orlen Lietuva complained that the macro-economic situation in the past year was quite difficult. However, he said, the company had started very important projects for the optimization, which could have helped to improve efficiency and lessen the impact of the crisis. “I hope that this will allow us to overcome the effects of the crisis, ensure effective action and achieve higher profitability in the future", Mr. Pater was quoted as saying.
He added that several unresolved issues, such as managing logistic at the terminal of Klaipedos nafta and the construction of pipeline to Klaipeda had heavily contributed to the negative results of the company.
Low NPM from refining and a drop in fuel consumption in major markets in Lithuania, Latvia and Estonia were the main causes of the declining petroleum production. Sales, the Orlen Lietuva said, in comparison with 2008 fell by 22.6%. The sales through marine terminals shrank by 8.5% to 4.3 million tons due to lower volumes at refineries in 2009.
Orlen Lietuva has managed to keep sales volumes on the Ukrainian market, selling more than 500.000 tons of gasoline and diesel fuel.