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International Internet Magazine. Baltic States news & analytics Thursday, 25.04.2024, 04:04

Lithuanian Western Shipyard posts EUR 14 mln profit for 2015

BC, Vilnius, 26.04.2016.Print version
Vakaru Laivu Gamykla (Western Shipyard, or VLG), a Lithuanian shipbuilding and repairing group controlled by Estonia's BLRT Grupp, last year saw its consolidated profits almost treble to 13.5 million euros, from 5 million euros in 2014, although revenue edged down to 95.8 million euros, from 96.1 million euros, the business daily Verslo Zinios reported on Tuesday.

Vakaru Laivu Remontas (VLR), VLG's ship repairing arm, raised sales thanks to an increased share of modernization and conversion projects, which generate higher revenue and are more profitable than ordinary repairs, in its order portfolio, informs LETA/BNS.

 

Ship building, meanwhile, is dominated by orders for the construction of cruise ships.

 

"We are part of a global network of contractors and manufacture blocks for cruise ships, which are then sent to Finland and Germany. The shipyard also has orders to build barges, and we expect to win more than one turnkey ship building contract this year," Arnoldas Sileika, CEO of VLG, said.

 

"We already have full portfolios of orders for this year both for ship repairing and for ship building. We are eyeing new projects and are already planning our work for 2017," he said.





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