Financial Services, Lithuania, Port, Transport

International Internet Magazine. Baltic States news & analytics Wednesday, 24.04.2024, 01:06

Revenue of Lithuanian shipper plummets 48% in January-September

BC, Vilnius, 01.12.2015.Print version
State-controlled Lietuvos Juru Laivininkyste (Lithuanian Shipping Company, or LJL) saw its revenue fall by 48% in January through September 2015, to 8.1 million euros, from 15.5 million euros in the same period last year, informs LETA/BNS.

Net losses soared by an annual 58.7% to 7.3 million euros.

 

The EBITDA fell to minus 3.6 million euros, from 400,000 euros in the first nine months of 2014, LJL said in a filing to the NASDAQ Vilnius Stock Exchange.

 

In the third quarter alone, the shipping operator’s revenue plummeted sevenfold, to 703,000 euros, from 4.887 million euros a year ago. Its losses widened by 5.6% to 3.106 million euros.

 

The debts of the company totaled 22.184 million euros at the end of September.

 

LJL CEO Sigitas Dobilinskas last Friday asked the Klaipeda Regional Court to open bankruptcy proceedings against the company. He said in particular that the shipping operator was no longer able to make payments for fuel and food. In addition, it owed three months’ wages to its seamen.

 

LJL is quoted on the Secondary List of the NASDAQ Vilnius Stock Exchange.





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