Net profit of JSC Ventspils nafta Group for 9 months of 2007 amounted to 35.3 million Latvian lats, which is by 30 million lats, or 6.7 times more than in the respective period last year. Consolidated net turnover of JSC Ventspils nafta Group for 9 months of 2007 was 62.8 million Latvian lats, or by 19.6% more than in the respective period of 2006. Financial results of JSC Ventspils nafta are good although in parallel with the group's successful development trends they were adversely affected by exchange rate fluctuations during the reporting period. Improvement of financial results of JSC Ventspils nafta Group reflects both successful operation of the holding company's subsidiaries, in particular Ventspils nafta termināls Ltd, during the nine months of 2007, and the profit JSC Ventspils nafta made when selling 49% of Ventspils nafta termināls Ltd shares to Euromin Holdings (Cyprus) Limited, a daughter company of the international oil and gas trading consortium Vitol. “Nine-month financial results of JSC Ventspils nafta demonstrate the holding company's major events during the period. They are interrelated and complement each other simultaneously raising value of the whole JSC Ventspils nafta Group. The excellent performance of Ventspils nafta termināls Ltd would not be imaginable without Vitol's international involvement in activities of the terminal and attraction of new cargos,” points out Olga Pētersone, the chairperson of the Management Board for JSC Ventspils nafta. The major events of JSC Ventspils nafta Group in 2007 are related to transit arm development processes, and have marked beginning of a new stage in development of the company with increased activity from the strategic investor of JSC Ventspils nafta and its direct involvement in development of transit arm of the holding company. As reported before, in autumn of 2006, the portfolio of JSC Ventspils nafta shares previously owned by the Latvian state was sold at the RSE during a public auction organized by the Latvian state, and Euromin Holdings (Cyprus) Limited, a company of the international oil and gas transport consortium Vitol Group, acquired a 34.75% stake. In April 2007, Vitol informed about increasing its stake in JSC Ventspils nafta to 47.89%. Thus participation of international high-level professionals in administrative bodies of JSC Ventspils nafta was ensured enhancing long-term prospects of JSC Ventspils nafta and guaranteeing effective company management. Since the beginning of 2007 volume of transshipments at Ventspils nafta termināls Ltd has regularly increased in comparison with a respective period of the last year. In nine months it already reached 10.1 million tons of crude oil and petroleum products, which is by 6.2 million tons more than in January-September 2006. Volume has a tendency to increase also after the end of the nine-month period. Crude oil and petroleum products cargos are transported to the terminal by rail, sea and via diesel pipeline. During nine months this year Ventspils nafta termināls Ltd was mainly transshipping diesel fuel (7.2 million tons) delivered by rail and via petroleum products pipeline. In nine months of 2007 transshipment volume of gasoline of various grades transported by rail reached 1.4 million tons, and 1.4 million tons of crude oil and petroleum products delivered by sea were handled, as well. Crude oil (0.8 million tons) accounted for the highest proportion of sea cargos. After the end of the reporting period, another subsidiary of JSC Ventspils nafta, the largest printing concern in the Baltics JSC Preses nams, has faced important events, and at the moment concrete deadlines for construction works of the new production units (magazine, newspaper and book plants) have been set. According to the plan, the modernized book production unit of JSC Preses nams printing group located at Jāņsili, Silakrogs, Ropaži parish will open already in the summer of 2008, while the new magazine and newspaper plant within the technological park of the international airport Rīga is starting to operate at the end of 2008. At the moment, however, JSC Preses nams is working hard adopting the latest technical and technological solutions for fulfillment of customer orders subject to requirements of today allowing to boost production efficiency and cut costs thus providing highly advantageous services to its customers. Since the autumn this year, several most up-to-date book printing machines are being used at JSC Preses nams facilities, such as machines for extremely precise hardback cardboard bookbinding and improved binding, as well as sheet-fed offset printing. Since November 2007, the company is implementing its development plans and reaching long-term goals established by the shareholders under the leadership of Imants Kaņeps, the new president and long-term employee of JSC Preses nams. The main task of the new manager of JSC Preses nams for the nearest future is placement of printing facilities at the new plants outside the centre of Riga, optimizing production process and continuing to develop JSC Preses nams to make it the major printing group in the Baltic States. According to the Latvian Association of Printing and Publishing Companies, JSC Preses nams is the major printing company in Latvia and the Baltics. During the reporting period, all companies within the concern have worked towards the goals established by shareholders of JSC Ventspils nafta. JSC Ventspils nafta For further information, please contact Gundega Vārpa (PR and advertising manager), tel. 7715912, e-mail: gundega.varpa@vnafta.lv
JSC Ventspils nafta 9-month profit - almost seven times bigger than a year ago
| Source: Ventspils nafta