Latvijas Kuģniecība
THIS COMPANY IS PART OF VENTSPILS NAFTA GROUP THIS COMPANY IS PART OF VENTSPILS NAFTA GROUP
 
 

About the unaudited financial data of JSC “Latvian Shipping Company” for the third quarter

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About the unaudited financial data of JSC “Latvian Shipping Company” for the third quarter

november 24, 2017 / News

The Latvian Shipping Company Group (LSC Group) revenue for 9 months 2017 was USD 69.11 million or EUR 62.47 million (USD 74.33 million (EUR 66.81 million) in 9 months 2016), weaker net voyage results – USD 55.64 million or EUR 50.43 million (USD 66.12 million (EUR 59.46 million) in 9 months 2016).

Net profit in nine months 2017 was USD 13.08 million or EUR 11.94 million (net loss USD 19.33 million (EUR 16.93 million) in 9 months 2016) mainly from the reversal of the fleet revaluation loss and profit from sale of non core assets, decrease in fleet value in 9 months 2017 by USD 13.52 million (EUR 38.54 million).

Fleet operating profit - USD 32.64 million or EUR 29.85 million in 9 months 2017 considerably lower than previous year (9 months 2016 – USD 43.47 million (EUR 39.16 million).

No changes in commercial fleet (16 vessels). LSC Group continued strong emphasis on third party vessel technical management by the LSC Group’s subsidiary “LSC Shipmanagement” Ltd (25 vessels in total, including 9 third party’ tankers).

Key financial indicators for LSC Group nine month 2015-2017 (USD million/EUR million):

Results Q3


Unaudited Condensed Interim Consolidated Financial Statements