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Thu 25 Aug 2011 10:03

Lithuanian oil terminal posts 71% profit rise


Klaipeda facility announces net profit surge for the first six months of 2011.

Lithuanian oil terminal operator Klaipedos Nafta has announced that net income rose during the first half of this year in a comparison with the corresponding period in 2010.

In a statement to the Vilnius Stock Exchange, Klaipedos Nafta said net profit in the first six months of 2011 increased by 11.6 million lithuanian litas (USD 4.9 million), or 71 percent, to 27.9 million litas (USD 11.7 million), up from 16.28 million litas (USD 6.8 million) in the first half of last year.

The results are slightly higher than the unaudited net income of 27.7 million litas reported last month.

Commenting on the company's performance last month, Klaipedos Nafta said the increase in revenue and profit was due to 'significant factors' such as the decision to operate without intermediaries.

"The earnings of the company received during May prove that the chosen performance pattern to cooperate directly with the owners of oil products without intermediaries is both more profitable financially and more transparent," Klaipedos Nafta said in June.

The Klaipeda facility mostly ships exports of oil products from Russian, Lithuanian, and Belarusian refiners. Last year it handled 7.9 million tonnes of oil products.

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