According to the unaudited financial results of JSC Ventspils nafta Group in the first six months of 2008, the consolidated net turnover of the company has reached LVL 40.7 million and net profit – LVL 7.8 million, the company reports. Although the mentioned results exceed the budget forecast for 2008 published before by JSC Ventspils nafta, the economic processes in the first six months of 2008 globally and in Latvia have unfortunately attested that the cautious forecasts of JSC Ventspils nafta have been correct, by planning what would be the potential influence of external factors to the work of several subsidiaries of the holding – including exchange rate fluctuations resulting in the Group losing more than 4 million lats in total.
The Management of JSC Ventspils nafta emphasized before that the year 2008 is very complicated for JSC Ventspils nafta and its subsidiaries due to the influence of both the global circumstances and the internal economic situation in Latvia. A considerable part of the consolidated turnover of JSC Ventspils nafta is formed by income in US dollars, gained for example, by the subsidiaries working in the transit area of the Group – the crude oil and petroleum products transshipment company Ventspils nafta terminals Ltd and the owner and operator of crude oil and petroleum products pipelines in the territory of Latvia LatRosTrans Ltd. These results were therefore affected by the considerable fall of the USD/LVL exchange rate by 13% in comparison with an analogue period in 2007.