Energy, Latvia, Port, Transport

This was primarily due to a loss arising from the re-consolidation of SIA LASCO Investment and its subsidiaries of USD 13.62 million.

Revenues held up well at USD 68.93 million, with a net voyage result of USD 61.27 million. Strong revenues, coupled with favorable foreign exchange movements, resulted in a net profit before exceptional of USD 13.68 million.

As reported, the LSC Group posted USD 31.16 million in losses last year.

In the medium-sized and handy tankers categories Latvijas Kugnieciba is among the leading ship owners in the world, and in terms of transport volumes of petroleum products it is also in a leading position among similar companies in Northern Europe. It owns sixteen modern ships, employing more than 500 professional and highly qualified seamen from Latvia. The average age of the fleet is six years.