Mazeikiu Nafta reported results for nine months of 2006 and revised forecast for the whole year 2006
The Company earned 374.034 million Litas (133.928 million US dollars) of unaudited net profit during nine months of 2006 under International Financial Reporting Standards (IFRS), while net profit for nine months of 2005 was 776.066 million Litas (281.804 million US dollars).
As a result of the 12th October fire, Mazeikiu Nafta presented a revised financial forecast for the year 2006. The Company plans to earn 245 million Litas (88 million US dollars) net profit in 2006.
Companys revenues reached 10.017 billion Litas (3.610 billion US dollars) during nine months of 2006, compared to 7.899 billion Litas (2.883 billion US dollars) revenues during the same period last year.
Despite unfavourable situation in the world crude oil and products market, the Company managed to avoid losses in the third quarter. Rapid decline of crude and products prices in August and September negatively impacted value of inventories. This factor negatively affected net profit by 103 million Litas (38 million USD).
Company sold 6.44 million tons of refined products during nine months of 2006 compared to 6.25 million tons for the same period of 2005.
Western Europe remained the largest market for Mazeikiu Nafta with 39 per cent of sales volumes (2.466 million metric tons) followed by Lithuania (22 per cent or 1,402 million metric tons) and the USA (18 per cent or 1,173 thousand metric tons). Estonia and Latvia each made for 7 per cent and Poland for 5 per cent of sales (464 thousand, 438 thousand and 347 thousand metric tons respectively). The remaining 2 per cent of sales fell on the Ukraine and Moldova (146 thousand metric tons).
Маzeikiu Nafta refined almost 6.77 million metric tons of crude and other feedstock during the nine months of 2006, which is by 45 thousand metric tons more than in the same period last year.
The Butinge Terminal transhipped 4.47 million metric tons of crude during nine months of 2006 2.93 million metric tons for export and 1.54 million metric tons for import. In the same period of 2005, Butinge terminal operated in the export direction only and handled 4.2 million metric tons.
The pipeline system transhipped 13 million metric tons of crude and diesel during nine months of 2006, compared to 14.79 million metric tons for the same period a year ago.
Маzeikiu Nafta collected and paid over 2.5 billion Litas in taxes during nine months of 2006.
The company also repaid 21.1 million Litas (7.6 million US dollars) in principal on long-term loans and a total of 64 million Litas (23 million US dollars) in interest payments, including 42.5 million Litas (15.3 million USD) in interest paid to the state budget.