Latvijas kugnieciba concern (Latvian Shipping Concern, LK) got $24.8 million of profit (+19.8% against year-on-year result), RZD-Partner reports. The concern’s turnover grew by 7.1% to $159.1 million. All the fleets of LK made profit in the 9-month period with total financial result amounting to $30.6 million. Though operational costs of tanker fleet had negative influence, the share of this segment in total result was the largest - 68%, or $20.7 million.
Profit from operation of gas carriers totaled $8.9 million (29% of total result of the fleet), refrigerator vessels - $67 thou, the LK Telo dry cargo carrier made the profit of $848 thou (3%). High results of LK concern may be attributed to high world prices for metal, which enabled the concern to make profit from sale of four obsolete tankers as metal scrap.
Profit of Latvian Shipping Concern up 19.8% in 9M06
The concern’s fleet consists of 38 own vessels including 30 tankers, two gas carriers, five refrigerators and one dry cargo carrier as well as two modern tankers Blue Star and Green Star taken on time charter.