Latvijas kugnieciba
About unaudited financial data of JSC “Latvian Shipping Company” for the first quarter

DGAP-News: Latvijas kugnieciba

2015-05-29 / 08:10

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The Latvian Shipping Company and its subsidiaries (LSC Group) revenue for Q1
2015 was USD 21.98 million with a stable net voyage result for the period of
USD 19.93 million. 

Net profit for Q1 2015 was USD 2.98 million despite the record low crude oil
prices and volatility in the charter rates. Fleet operating profit was USD
13.03 million in Q1 2015 higher than previous year when it was USD 11.97
million. 

The key financial indicators for LSC Group for Q1 for the last three financial
years are as follows (USD million): 

                                             Q1 2013  Q1 2014  Q1 2015
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Sales                                          26.83    23.75    21.98
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EBITDA                                         12.57     8.68    11.03
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Profit before exceptionals                      1.78     0.51     5.01
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Exceptionals (income from financial assets)        -    20.05     0.06
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Exceptionals (fleet impairment)               (1.70)  (13.30)   (2.05)
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Net profit                                      0.08     7.26     2.98
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No change in commercial fleet (sixteen vessels); 'LSC Shipmanagement' Ltd
contracted to technically manage two further third party tankers (twenty
vessels in total, including four third party tankers). In Q1 this year the
disposal of non-core investment in 'Football club 'Ventspils'' Ltd was
finalised. 

About JSC 'Latvian Shipping Company'

JSC 'Latvian Shipping Company' (NASDAQ OMX RIGA: LSC1R) is among the biggest
vessel owners in the segment of medium and handy size tankers and takes leading
positions in terms of the transported amount of petroleum products among
similar companies in Northern Europe. The company owns and operates 16 modern
vessels employing more than 500 professional and high-skilled seamen from
Latvia and, technically manages an additional 4 vessels bringing the total
managed fleet to 20. The average age of the LK fleet is 7 years. All of the
vessels have received ISM (International Safety Management) certificates. 

Additional information:

Elīna Dobulāne, Communications Consultant

JSC 'Latvijas kuģniecība'

Telephone: +371-25959447

E-mail: elina.dobulane@vnafta.lv

 www.lk.lv
News Source: NASDAQ OMX



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Language:    English              
Company:     Latvijas kugnieciba  
 
 
             Latvia               
ISIN:        LV0000101103         
 
 
End of News    DGAP News-Service  
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363041 2015-05-29