OREANDA-NEWS. November 24, 2011. JSC Latvijas kugnieciba (Latvian Shipping Company; NASDAQ OMX RIGA: LSC1R) and its subsidiaries (hereafter – LSC Group or Group) financial results for Q1-Q3/2011 were negative with a net loss amounting to USD 30.41 million (LVL 15 million or EUR 21.5 million), similar to net loss in the same reporting period last year. A large part of the reporting period loss (LVL 6.4 million or EUR 9.2 million or USD 12.56 million) relates to the provisions made for the assets which are held for sale and therefore has no negative cash-flow impact. In Q3/2011 LSC Group continued to work to improve the company’s work efficiency and optimize administrative costs which now are reduced by 33% when compared with the same period in 2010.

At the end of the reporting period Q1-Q3/2011, the total value of the LSC Group assets has not fundamentally changed and at 30th September 2011 it was USD 676.97 million (LVL 349.32 million or EUR 497.03 million).

Management of JSC “Latvijas kugnieciba” plans to advise investors of more detailed plans for the future development of the company in the early December, 2011.