Energy, EU – Baltic States, Lithuania, Oil
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Saturday, 20.04.2024, 01:33
Revenue of Lithuania’s Lotos Geonafta plummets 46% in 2015
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| Photo: lotos.lt |
Consolidated net losses rose by 7.8% to 25.199 million euros, the company said in its 2015 annual report filed to the Center of Registers.
The rise in losses was mostly due to a decrease in the value of tangible assets, property, plant and equipment, assets related to exploration and assessment of mineral resources, as well as certain investment, the report said.
Lotos Geonafta and its subsidiaries last year produced 53,000 tons of oil, down 10% from 2014, and sold all of it to Grupa Lotos, Poland's second-biggest oil group.
This year, the group plans to produce 42,000 tons of oil.
Lotos Geonafta owns 100% of shares in Genciu Nafta and Manifoldas, and 50% in Minijos Nafta. All these companies are engaged in oil production in the western part of Lithuania. The group had 64 employees at the end of last year.
Poland's Lotos Petrobaltic is the sole shareholder of Lotos Geonafta.
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