Ventspils nafta                                                    30.11.2005



14.4 million Lats profit of joint stock company Ventspils nafta for nine months of 2005 



A/s Ventspils nafta Group’s profit after tax for the nine months of 2005 

amounts to LVL 14.4 million in accordance with international financial 

reporting standards and generally accepted accounting policies; in turn, 

net turnover reached LVL 63.8 million. This is evidenced by the consolidated 

financial report of a/s Ventspils nafta for nine months of 2005 as considered 

and approved by the Supervisory Board of a/s Ventspils nafta.



The consolidated financial report of a/s Ventspils nafta for nine months of 

2005 is prepared in accordance with the amendments of international financial 

reporting standards which require the reclassification of some company’s 

property into the investment properties, thus reflecting the real market 

value of these properties and not their acquisition value as it was made 

before the amendments concerned came into force.



“The operations of the companies of a/s Ventspils nafta Group during the 

nine months of 2005 shall be viewed favourably as their financial results 

substantially exceeded originally planned figures. A/s Ventspils nafta 

consolidated net turnover from this January to September go by 36.9% beyond 

the results of the respective period in 2004. It is determined by the fact 

that all companies of the Group, operating actively and purposefully, have 

shown better results within this period than last year,” says Olga Pētersone, 

Chairperson of the Board for a/s Ventspils nafta. 



The financial results of a/s Ventspils nafta Group exceed the forecasted 

figures of the budget for 2005 approved by the Supervisory Board, according 

to which, the net turnover of the Group to be LVL 60 million, including net 

profit in the amount of LVL 0.6 million, for the entire 2005. 





A/s Ventspils nafta

Detailed information –

Gundega Vārpa,

tel. 7229793;

e-mail: gundega.varpa@vnafta.lv