JSC “Latvijas kuģniecība” posts net profit of USD 0.16 mln in Q1 2017
JSC “Latvijas kuģniecība” (LSC Group) says its revenue for Q1 2017 was USD 24.43 million (USD 25.16 million in Q1 2016) due to weaker net voyage results of USD 19.47 million (USD 22.80 million in Q1 2016). Net profit in Q1 2017 was USD 0.16 million (net profit USD 4.11 million in Q1 2016).
The key financial indicators for LSC Group for Q1 for the last three financial years are as follows (USD million):
|
|
Q1 2015 |
Q1 2016 |
Q1 2017 |
|
Sales |
21.98 |
25.16 |
24.43 |
|
EBITDA |
11.03 |
14.61 |
10.94 |
|
Profit/(loss) before exceptionals |
5.01 |
4.11 |
(0.70) |
|
Exceptionals (income from financial assets) |
0.01 |
0.00 |
0.00 |
|
Exceptionals (fleet impairment/reversal of fleet revaluation loss) |
(2.05) |
0.00 |
0.50 |
|
Net profit |
2.98 |
4.11 |
0.16 |
There are no changes in the commercial fleet (16 vessels). JSC “Latvian Shipping Company” continued the strong emphasis on third party vessel technical management by the LSC subsidiary “LSC Shipmanagement” Ltd (LSCSM). Under its technical management LSCSM as of May 2017 had 24 vessels in total, including 8 third party tankers.
LSC Group vessel loan refinancing was completed on February 28, 2017 in the amount of USD 121 million with a syndicate of three banks with a repayment deadline of the 30th of June 2022.
Disposal of “LASCO Investment” Ltd. real estate properties is still ongoing.