Pēd. atjaunots: 26.08.2024 07:46 (GMT+3)
JSC "Ventspils nafta" Management Board reviews the company
performance in the first quarter of 2002
In the first quarter of 2002 "Ventspils nafta" has reloaded 5.5 million
tons of oil and oil products, including 3.6 million tons of crude oil,
1.4 million tons of diesel oil and 0.5 million tons of other oil
products. Net sales for the period amounts to LVL 11.7 million, and net
profit is LVL 3.8 million. The targets set in the draft budget
(approved by the Company Management Board in December of 2001) have
been surpassed. Therefore, the Management Board move that AGM of
shareholders, to convene on May 23, 2002, approve the budget for 2002:
operational revenues LVL 54.5 million, operational costs LVL 44.8
million, net profit LVL 7.2 million (the draft budget envisaged
operational revenues LVL 48 million, operational costs LVL 43.6
million, net profit LVL 3.4 million).
JSC "Ventspils nafta" Management Board reviews the company Annual
Report for 2001
JSC "Ventspils nafta" Management Board has reviewed the company Annual
Report for 2001 (prepared in compliance with the Latvian laws and IAS),
as well as the consolidated group accounts for 2001, and recommends it
for the approval to AGM of shareholders, to convene on May 23, 2002.
Ventspils nafta parent company net sales in 2001 amount to LVL 46.7
million, the profit earned was LVL 24.7 million. Ventspils nafta
concern sales amounted to LVL 92.6 million.
The initial profit forecast for 2001 was LVL 8.6 million, which was
later increased to LVL 17.3 million on the basis of actual performance.
Also this forecast was surpassed owing to record reloaded volumes
during the recent years, and amounted to 22.3 million tons of oil and
oil products, which is 18% more than in 2000. Moreover, in 2000 there
were extraordinary expenses to the tune of LVL 6 million), which
explains the difference in 2002 and 2001 profits.
In 2002 Ventspils nafta will have to face an increasing competition due
to the expected launching of Russian oil exports via Primorsk port in
Russia. Already in the first quarter of 2002 the volumes are 0.5
million tons down to 2001. Therefore, the Management Board recommends
that the AGM of shareholders vote for transfer of the entire 2001
profits to reserves, to be used for the Company budget and investment
programme (more than USD 90 million over the period between 2001 and
2005).