OREANDA-NEWS. JSC “Latvian Shipping Company” holding company closed the year 2015 with a profit of 1 million EUR. 

In 2015 JSC “Latvian Shipping Company” (LSC) operated with a profit of 1 million EUR comparing to profits of 1.6 million EUR in 2014. The profit was higher in 2014 due to the sale of non-core asset owned directly by LSC.

JSC “Latvian Shipping Company” Group performance results

The financial result of LSC Group for 2015 amounted to a loss of 7.22 million USD due to a loss arising from the reconsolidation of “LASCO Investment” Ltd. group with negative financial effect in the amount of USD 22.74 million. In 2014 LSC Group suffered a loss in the amount of 31.16 million USD.

2015 was an important year for the Company as a series of settlement agreements were signed with a number of individuals, including Former Management Board and Supervisory Council members thus terminating unwanted disputes and allowing the Group to concentrate on its core business.

Financial results of LSC Group in the audited report do not differ significantly from the unaudited report and are following:

  2011 2012 2013 2014 2015
Turnover (million USD) 97.58 115.56 104.21 91.29 92.84
Net loss (million USD) -48.27 -34.60 -18.15 -31.16 -7.22
Gross profit before depreciation (million USD) 41.58 52.22 54.32 46.57 53.81
% of turnover 42.61% 45.19% 52.13% 51.01% 57.96%
EBITDA (million USD) 26.84 40.99 47.33 39.59 46.62
% of turnover 27.51% 35.47% 45.42% 43.37% 50.22%
EBIT (million USD) 0.53 12.51 24.43 20.85 26.68
% of turnover 0.54% 10.83% 23.44% 22.84% 28.74%
Profit before tax and exceptionals * (million USD) -19.63 -6.21 9.00 12.68 18.85
% of turnover -20.12% -5.37% 8.64% 13.89% 20.30%
Return on Assets (%) -7.20% -5.70% -3.22% -6.62% -1.69%
Return on Equity (%) -16.60% -14.20% -8.00% -16.33% -4.53%
EPS (USD) -0.24 -0.18 -0.09 -0.16 -0.04
Liquidity ratio (quick) 2.2 1.5 1.5 1.3 0.8
P/E ratio n/a n/a n/a n/a n/a

Attached: the LSC Group audited annual report 2015, the LSC parent company audited annual report 2015 and the corporate governance report.