OREANDA-NEWS. In the 9M/2014, JSC Ventspils nafta and its subsidiaries (the Group) have achieved profit of 7.72 million EUR. In the same period last year the Group suffered losses of 7.68 million EUR. In the reporting period, the consolidated income of the Group was 124.85 million EUR, but the gross profit was 33.47 million EUR.

Ventspils nafta (VN)

VN's profit of 6.87 million EUR in 9M/2014 was largely resulting from the 6.37 million EUR dividend income derived from its investment in Ventspils nafta terminals Ltd.

Ventspils nafta terminals (VNT)

VNT' income rose by 4.53 million EUR to 59.95 million EUR, driven by a minor growth in volumes to 8.5 million tonnes of petroleum products. Net profit was 10.29 million EUR. Volumes continue flowing through both the pipeline (55%) and rail or sea (45%).

LatRosTrans (LRT)

Volumes of transported petroleum products reached 4.68 million tonnes. In 9M/2014 revenues were 13.56 million EUR, increased by 5.5% compared to 9M/2013, and gross profit rose by 4.15 million EUR to 5.70 million EUR. Net result of LRT was 8.04 million EUR in the reporting period.

Latvian Shipping Company (LSC)

In the 9 month period, revenue from the fleet was 69.71 million USD. The vessel operating profit after depreciation and dry-dock amortisation was 20.66 million USD.

The financial result for the LSC Group for the 9M/2014 resulted in a net loss in the amount of 14.17 million USD. The accumulated result for nine months of 2014 was positively affected by income from a partial settlement in respect of the Antonio Gramsi Corporation court case in the High Court in London in the amount of 20.05 million USD, sale of the real estate property located on JЁҐkaba street, Riga, and revaluation of the investment in the medical clinic SIA "Via Una". However, vessel impairments in the amount of 32.25 million USD, losses from the sale of the vessel "Riga" in the amount of 0.32 million USD, as well as re-evaluation of the investment in AS "Latvijas Naftas tranzЁ©ts" in the amount of 8.34 million USD has negatively impacted the LSC Group's results. LSC Group suffered a loss of 24.64 million USD in the same period last year.