Emitents | Latvijas kuģniecība, AS (48510000VYR04HZGC213) |
Veids | Finanšu pārskati |
Valoda | EN |
Statuss | Publicēts |
Versija | |
Datums | 2010-11-30 16:03:24 |
Versijas komentārs | |
Teksts |
Latvian Shipping Company fleet during the 9 months of the year performed with profit Considering the cautious recovery of the global shipping
markets and the optimised expenses for vessel operational
activities the fleet of JSC „Latvijas kuģniecība” (Latvian Shipping
Company) during the 9 months of 2010 was able to show positive
trends and the result from vessel operation during the said period
has reached almost USD 8 million. In the same time due to the
complicated situation in sectors that are not related to the basic
business field, especially in the real estate segment, the total
result still is negative. Due to mentioned reasons, the total
losses of the JSC „Latvian Shipping Company” Group during the
reporting period reached USD 28.2 million.
Since the beginning of the year liabilities have
decreased by USD 46 million or 8% and constitute 51% of the Group’s
assets. Assets of the JSC „Latvian Shipping Company” Group as on 30
September 2010 amounted to USD 1000.4 million.
The Latvian Shipping Company is a public stock company
with shares on Official list of the stock exchange NASDAQ OMX Rīga.
During the nine months of 2010 the share price has not actually
changed as at the beginning of the year it was LVL 0.40, and at the
end of the period it was LVL 0.42, although in the middle of the
period when the market situation improved the price per share
reached even LVL 0.52. All in all the Latvian Shipping
Company’s shares were among the most actively traded ones during
the reporting period - 1826 transactions involving 3.52 million
shares worth LVL 1.48 million were conducted, representing 42% of
all share transactions on the NASDAQ OMX Rīga Official list during
the reporting period. On September 30, 2010, capitalisation
of Latvian Shipping Company shares at NASDAQ OMX Rīga was at a
level of LVL 84 million.
At the end of the third quarter (Q3) the fleet under
commercial management of the JSC „Latvian Shipping Company”
consisted of 22 tankers, 20 of which are possessed by the JSC
„Latvian Shipping Company” Group, but two vessels belong to other
ship owners.
Pursuant to the resolution passed at the beginning of
2010 about sale of six Kherson tankers, already the fifth
tanker of this type (“Estere”) was sold during the Q3. As a result
of the JSC „Latvian Shipping Company” fleet updating programme the
average age of the JSC „Latvian Shipping Company” Group’s fleet has
reduced from 17.5 years in 2005 to five years at the end of the
reporting period.
During the course of Q3 2010 tankers of the JSC „Latvian
Shipping Company” fleet were mainly employed in time charter, as
these charter rates remained comparatively higher if comparing to
voyage rates. The tanker time charter rates during the Q3 2010
levelled out both in the Handy and MR tanker sector giving hope to
cautious market recovery.
Even though the result from vessel operation during the
9 months was positive and reached USD 8 million, the net voyage
result of JSC „Latvian Shipping Company” Group’s vessels during the
nine months of 2010 substantially fell behind the last year’s
result and reached USD 65.8 million, thus cumulatively as from the
beginning of the year showing the comparatively negative situation
in the shipping markets. Reduction of operational costs was the
most important step in order to improve the fleet operation. In
order to continue consideration of the future possibilities to
reduce operational costs we will evaluate scenarios for outsourcing
of the vessel technical management services.
In order to ensure qualitative management of the JSC
„Latvian Shipping Company” Group a new member of the Management
Board – Mr. Edvīns Bērziņš was elected, but Mr. Raivis Veckāgans
voluntarily left the Management Board after the reporting
period.
Stagnation in the Latvian real estate market has been the main
reason for application of out-of-court legal protection process to
the JSC „Latvian Shipping Company” Group’s companies „LASCO
Investment” Ltd and „LASCO nekustamie īpašumi” Ltd. On 7
October 2010 the court approved out-of-court legal protection
process of „LASCO Investment” Ltd on the term of two years, but on
1 October the court confirmed out-of-court legal protection process
of „LASCO nekustamie īpašumi” Ltd for one year.
With the judgement of the Riga District Court of October 12,
2010, the claim of the liquidator of “Banka Baltija” against the
Bank of Latvia and Ministry of Finance has been partly satisfied
and from the Bank of Latvia 59.9 million lats recovered. Such a
judgement of the first instance court is favourable to JSC „Latvian
Shipping Company” as the claim of JSC „Latvian Shipping Company”
against “Banka Baltija” is 14.4 million lats.
JSC „Latvian Shipping Company” will continue honest and
focused actions in order ensure rights and interests of all the
shareholders. JSC „Latvian Shipping Company” is doing all its best
and dependent on the company in order to complete the JSC „Latvian
Shipping Company” Group’s audited financial statements for 2009 and
to submit it for approval to the shareholders.
Additional information:
Ģirts Apsītis
Adviser of the Chairman of the Management Board
Latvian Shipping Company
Phone: +371 67020126
E-mail: ir@lscgroup.lv
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