The unaudited results for the first half of 2011 of Limarko laivininkystes kompanija AB (LLK) were prepared in accordance with the International Financial Reporting Standards.
The revenue of LLK for the first six months of 2011 amounted to LTL 52.8 million (EUR 15.3 million) and decreased by 21% when compared to the revenue of LTL 66.9 million (EUR 19.4 million) during the first six months of 2010.
During the first half of 2011 LLK achieved the EBITDA of LTL 9.7 million (EUR 2.8 million) and the EBITDA margin was 18%. The EBITDA for the first six months of 2010 was LTL 10.8 million (EUR 3.1 million) and the EBITDA margin was 16%. Increase of 2% in EBITDA margin was achieved during the first half of the year.
The profit of LLK for the first six months of 2011 was LTL 8.3 million (EUR 2.4 million). The loss of LLK for the first six months of 2010 was LTL 34.3 million (EUR 9.9 million).
The main reasons affecting the results of the first half of 2011 were:
- the fall of the exchange rate of the US Dollar, which resulted in the currency exchange rate change gain of LTL 13.5 million (EUR 3.9 million).
- scheduled repairs to five vessels were performed during the first half of the year (during the second half of the year scheduled repairs shall be performed on one vessel).
Vytautas Lygnugaris
President
Tel. +370 46 340001 (ext. 713)