OREANDA-NEWS. On 13th August, 2013 the Board of PC “Lithuanian Shipping Company” (LSC) has confirmed unaudited interim financial reports prepared according to the International Financial Reporting Standards for the period of six months of year 2013, ended on 30th June, 2013.

The income during January-June, 2013 was LTL 47.8 million (EUR 13.8 million) and, if compared to the same months of 2012 income of LTL 37.6 million (EUR 10.9 million), has increased by 27%.

EBITDA during January-June, 2013 was LTL 1.2 million (EUR 0.3 million), EBITDA during the first six months of 2012 was LTL 4.9 million (EUR 1.4 million).

The loss during January-June, 2013 was LTL 9.8 million (EUR 2.8 million), of which LTL 1.2 million (EUR 0.3 million) is related to negative impact of currency exchange. The loss of the same months of 2012 was LTL 8.3 million (EUR 2.4 million).

LSC long-term investments (ships' repairs) during January-June, 2013 were LTL 4.7 million (EUR 1.4 million). Long-term investments during the same months of 2012 were LTL 5.6 million (EUR 1.6 million).

Due to protracted economic hardship in the global shipping market the interim results for the six months of 2013 did not meet management's expectations. Considering that during the period January-June, 2013 all planned ship's repairs for the year 2013 were fully performed LSC expects to stable and more cost-effective performance in the second half of 2013.