Baltic States – CIS, Financial Services, Investments, Lithuania, Port, Transport

BKT plans to invest around 8 million euros in development within the next two years.

BKT said in its 2015 annual report filed with the Center of Registers that its shareholders had BKT distributed a total of 9.507 million euros in profits. The company last year paid out 2.9 million euros as dividends.

According to the report, the company this year plans to launch construction on two new warehouses, with around 8 million euros earmarked for this purpose in 2016 and 2017.

BKT says that it will be able to accommodate ships of any parameters after the Klaipeda port completes the upgrading of quays number 101-104, which are used by the fertilizer handling facility.

"These investments by the company and the port authority will increase the company's competitiveness not only in the port of Klaipeda and will help it raise annual handling volumes to 10 million euros, but will also contribute to enhancing the competitiveness of the port as a whole in the Baltic Sea region," it said in the report.

BKT's net profit fell by 15.4% last year compared with 2014 to 9.507 million euros are revenue went down by 9.1% to 25.703 million euros.

The terminal last year handled 7.08 million tons of bulk fertilizers, down from 7.2 million euros, with Belaruskali's fertilizers making up 96% of the total volume.

Igor Udovitsky in late 2015 owned a 70% stake in BKT and Belaruskali owned the remaining 30% of shares.