OREANDA-NEWS. 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
Sales 26.83 23.75 21.98
EBITDA 12.57 8.68 11.03
Profit before exceptionals 1.78 0.51 5.01
Exceptionals (income from financial assets) - 20.05 0.06
Exceptionals (fleet impairment) (1.70) (13.30) (2.05)
Net profit 0.08 7.26 2.98

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.