Ventspils nafta                                                 06.06.2005



Profit of a/s Ventspils nafta in the First Quarter, Including Revaluation of 

the Investment in a/s Latvijas kuģniecība – Nearly LVL 4 Million.



The profit after tax of a/s Ventspils nafta Group for the first quarter of 2005,

including the revaluation of the investment in a/s Latvijas kuģniecība, an associated 

entity to a/s Ventspils nafta, is LVL 3.98 million. The revaluation of the investment 

in a/s Latvijas kuģniecība defined the necessity of reclassification of the investment. 

Initially, in financial reports the investment of a/s Ventspils nafta in a/s Latvijas 

kuģniecība was stated as a current asset, but now it has been reclassified to 

non-current investments, based on the actual situation.



A/s Ventspils nafta has already informed that its net profit for the first quarter 

of 2005, not including the revaluation of the investment in a/s Latvijas kuģniecība, 

is LVL 0.6 million and exceeds three times the forecasted budget amounts; and it has 

very significantly increased – almost eighteen times – compared to the first quarter 

of 2004. In its turn, the net turnover of a/s Ventspils nafta in the first quarter of 

2005 increased by 51% compared to the same period of 2004.



The profit of a/s Ventspils nafta for the first quarter of 2005, including the 

revaluation of the investment in a/s Latvijas kuģniecība, has been no doubt significantly 

influenced by the successful operation of the new management board of a/s Latvijas 

kuģniecība which was elected in the beginning of this February. The efficiency of the 

new board of a/s Latvijas kuģniecība is evidenced by the fact that company’s profit after 

tax for the first three months of 2005 reached USD12.4 million which is fifty times bigger 

than for the analogous period of 2004, although freight rates within 2004 had been in 

average by 25% lower compared to 2005. 





A/s Ventspils nafta

For detailed information contact –

Gundega Vārpa,

tel. 371-7229793; 

e-mail: gundega.varpa@vnafta.lv