Ventspils nafta                                                   12.05.2005.



JSC Ventspils Nafta Gained Profit of 0.6 Million Lats in the 1Q – 

Three Times More Than Pre-planned



Profit after tax gained by the holding of the joint stock company Ventspils 

Nafta in the first quarter of 2005 reached 0.6 million Lats, however, its net 

turnover is 21.5 million Lats. Such are financial activity results of Ventspils 

Nafta, JSC for the first three months of 2005 that today, May 12th, 2005, have 

been examined and accepted by the Supervisory Board of Ventspils Nafta. 



Net profit of Ventspils Nafta over the first three months of the current year is 

three times bigger than it was preliminary planned by the budget; and which also 

substantially increased – almost eighteen times – when compared with the first 

quarter of 2004. Unlike the same period of 2004, the net turnover of Ventspils 

Nafta in the first quarter of 2005, in its turn, increased by 51%. 



Olga Pētersone, Chairperson of Ventspils Nafta’s Board, emphasizes that the results

as above confirm that the daughter companies of Ventspils Nafta holding operated 

successfully in the first quarter of 2005. “I am satisfied with the Company’s 

business in the first quarter of the year and would like to express my thanks to 

all employees of the holding for their steady and responsible attitude towards 

their work. The correct planning as well as the energetic implementation of the 

preliminary plan is sooner or later reflected in the Company’s financial results”, 

says O.Pētersone.



The Financial Report of the Company for the first quarter of 2005 as examined by 

the supervisory board of Ventspils Nafta does not contain any investment 

revaluation of the associated company – Latvian Shipping Company, as for the time 

being Latvian Shipping Company which shares are officially listed on Rīga Stock 

Exchange, has not yet examined its financial report for the first three months 

of 2005, nor informed Rīga Stock Exchange according to all respective procedures 

required by the monitoring of securities market. The revaluation of the investment 

into the Latvian Shipping Company is required, taking into account the investment’s 

re-classification – at the beginning this investment of Ventspils Nafta was shown 

in the financial reports of the Latvian Shipping Company as short-term investment 

into the capital of the company, however, now in accordance with the real situation 

it is shown as long-term investment. Once the financial report of the Latvian 

Shipping Company for the first quarter of 2005 is published, Ventspils Nafta will 

be informing about the results of financial activities of the holding in the first 

quarter, including also the investment revaluation of the joint stock company 

Latvian Shipping Company. 







Ventspils nafta, JSC

For detailed information please contact –

Gundega Vārpa,

tel. 7229793; 

e-mail: gundega.varpa@vnafta.lv