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AB Klaipedos nafta releases latest financial results

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LNG Industry,


AB Klaipedos nafta (KN) has announced its unaudited financial results for the nine months ended 30 September 2018.

  • AB Klaipedos nafta’s revenues for the nine months of 2018 comprised €75.8 million, 4.7% less than the same period of 2017 (€79.5 million).
  • The net profit of the company for the nine months of 2018 amounted to €11.4 million, 7.3% less than the first nine months of 2017 (€12.3 million). Net profit margin for the first nine months of 2018 comprised 15.0% (nine months of 2017 – 15.5%).
  • The company’s EBITDA for the nine months of 2018 amounted to €22.4 million – 6.3% less than the same period of 2017 (€23.9 million), EBITDA margin for the first nine months of 2018 was 29.6% (first nine months of 2017 – 30.1%).

Management comment regarding LNG operations:

“During [3Q18], three gas carriers delivered cargo to [the] LNG terminal [and] four small scale operations of LNG reloading were carried out. Total volume of regasified and reloaded LNG for the nine months of 2018 comprise 7.1 million MWh, and is still substantially lower compared to the same period of 2017 (MWh 10.67 million).”

“LNG terminal operation extent decreased due to the diminution in reserved annual capacities. LNG terminal revenue for [the first] three quarters of the year comprises of €48.51 million and declined by 6.2%, compared to the same period of the year 2017. The activity of [the] LNG terminal is regulated therefore revenue of LNG activity does not depend on regasification volume.”

“The importance of international LNG terminal project development and participation in mentioned projects is being highlighted in the long-term strategy of the company, which is planned to be presented in public in [1Q19].”

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/25102018/ab-klaipedos-nafta-releases-latest-financial-results/

 

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