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AB Klaipedos Nafta releases 1Q19 results

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LNG Industry,


AB Klaipedos nafta (KN) has announced its unaudited financial results for 1Q19.

Summary:

  • AB Klaipedos nafta revenues for 1Q19 comprised €31.2 million, a 12.2% increase compared to the same period of 2018 (€27.8 million).
  • Net profit of the company for 1Q19 amounted to €2.8 million, 58.8% less than 1Q18 (€6.8 million). Net profit margin for 1Q19 comprised 8.9% (1Q18 – 24.3%).
  • Company’s EBITDA for 1Q19 amounted to €17.7 million, i.e. 70.2% more compared than 1Q18 (€10.4 million). EBITDA margin for 1Q19 was 56.7% (1Q18 – 37.2%).

LNG activity:

  • During 1Q19, one gas carrier delivered cargo to the LNG terminal and six small scale operations of LNG reloading were carried out.
  • Total volume of regasified and reloaded LNG for 1Q19 comprised 0.74 million MWh (1Q18 - 1.10 million MWh).
  • LNG terminal operation decreased due to the planned maintenance of LNG terminal which continued for a month. During that time LNG regasification was temporary halted. LNG terminal revenue for 1Q19 comprised €22.98 million, an increase of 36.9% compared to 1Q18 (€16.79 million). The increase in revenue was influenced by additional accounted revenue for the impact of currency exchange rate, for the higher security supplement, which has been approved by the National Commission for Energy Control and Prices, also for the higher reloading volumes.

Read the article online at: https://www.lngindustry.com/regasification/01052019/ab-klaipedos-nafta-releases-1q19-results/

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