AB Mazeikiu Nafta (the Company) announces the condensed consolidated interim
financial information for the nine-month period ended 30 September 2007, and
Statement of the Responsible Persons (see attachments).
The unaudited net profit of AB Mazeikiu Nafta Group for nine months of 2007
amounted to USD 56.8 million (LTL 138.3 million or EUR 40.1 million); however,
if compared to the net profit for nine months of 2006, which amounted to USD
133.9 million (LTL 374.1 million or EUR 108.3 million), it was lower by 58
percent.
The Company managed to be profitable in spite of significant reduction of the
refining volumes after the October 2006 fire and discontinuance of crude oil
supplies by the Druzhba pipeline since the end of July 2006. During the nine
months of 2007, AB Mazeikiu Nafta processed 4.98 million tons of feedstock.
During the same period of 2006, the refining volumes amounted to 6.77 million
tons of feedstock.
The Company re-commissioned the refurbished vacuum distillation tower in the
bitumen and sulfur production complex in February 2007 and the repaired
visbreaking unit in March 2007 and partially recovered the refining capacities
and increased the yields of light products.
Although the growing crude oil prices on the world markets reduced slightly the
refining margins, they remained high. This enabled AB Mazeikiu Nafta to reduce
the losses incurred in the 1st quarter 2007. The net profit for the 3rd quarter
of 2007 amounted to USD 75 million (LTL 189 million or EUR 55 million).
If compared to the second quarter of this year, the sales revenues in the 3rd
quarter of 2007 increased from USD 958 million (LTL 2,453 million or EUR 711
million) to USD 1,113 million (LTL 2,799 million or EUR 811 million).
Marek Mroczkowski, General Director of AB Mazeikiu Nafta, comments the results
of the nine months of 2007:
“Although the refining volumes of the Company decreased after the October 2006
fire, the Company finished nine months of 2007 with profit. Positive financial
result (estimated according to the historical assets value) was achieved mainly
due to the first payment of the insurance (USD 70 million).”
Rosvaldas Gorbaciovas, Director of Public Relations of AB Mazeikiu Nafta
+370 443 92608
