2013 was a year of change and consolidation. The focus within the JSC Ventspils nafta and its subsidiaries (Group) has been on restructuring and streamlining the business in the face of adverse market developments, most notably increased competition from Russian Federation ports which are increasing their share of the country’s export flows with the intention of implementing the Russian Governments strategic goals of having the domestic port infrastructure capacity to handle all the country’s oil exports by 2030.
These changes resulted in a fall in revenues of 13.6% to 117.2 million LVL and a one-off impairment of 44.5 million LVL, which generated a net loss of 43.02 million LVL for 2013.
On the other hand, gross profit increased 7.8% to 29.1 million LVL and a focus on costs caused administrative expenses to fall 13.5% to 7.7 million LVL.
About JSC Ventspils nafta
JSC Ventspils nafta is one of the largest groups of companies in Latvia and works in the petroleum product transport, transhipment and storage, as well as shipping sector. JSC Ventspils nafta is the Group’s parent company, which manages investments in subsidiary companies, by promoting the Group’s joint values and growth in value of each individual company.
JSC Ventspils nafta owns 51% in Ventspils nafta termināls Ltd, which is the largest crude oil and petroleum product terminal in the Baltics; 66% in LatRosTrans Ltd, which is the largest Latvian-Russian joint venture in the Baltics; 49.94% in JSC Latvijas kuģniecība, which is among the leading ship owners in the world in the medium-sized and handy tankers category
Shares of JSC Ventspils nafta (NASDAQ OMX RIGA: VNF1R) are quoted in the Baltic Official List of the stock exchange NASDAQ OMX Riga since October 20, 1998.
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AS "Ventspils nafta"
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