AB Mazeikiu Nafta Announces Preliminary Financial Results for the 1st Quarter of 2008
2008.05.16 | News
15 May, Mazeikiai.AB Mazeikiu Nafta Group informs that the indicators of 2008 first quarter are better if compared to those of the same period last year.
Restoration of the Vacuum Distillation Unit, which suffered fire in 2006, and its start-up at the end of January had positive impact on the results.After the Unit restoration the Company regained its processing capacity same as before the fire and increased the production and sales of fuels.
During the first three months of this year, AB Mazeikiu Nafta Group processed 832.5 k tones of feedstock, i.e. approx. 60 percent more than during the same period in 2007.(2008 1st quarter – 2.157 MM tones, 2007 1st quarter – 1.324 MM tones).Wholesale of 2008 first quarter (comparing to the same period last year) increased by 22 percent.
According to International Standards of Financial Accountability, AB Mazeikiu Nafta Group incurred 6.6 MM Litas (2.9 MMUSD or 1.9 MM EUR) unaudited consolidated loss during the first three months this year. During the same period in 2007 the loss was 135.0 MM Litas (51.2 MMUSD or 39.1 MM EUR).
AB Mazeikiu Nafta Group income reached 3,619 BN Litas in the first quarter this year (1.5677 BNUSD or 1.0483 BN EUR), and in the same period last year the income was 1.579 BN Litas (599.5 BN USD or 475,3 BN EUR).
However, the drop of fuel oil world production margin had negative impact on the financial results.AB Mazeikiu nafta produces quite a lot of fuel oil – during the first three months of 2008 the Company produced and sold 448 k tones of fuel oil, i.e. even 17 percent of all the products sold.
Jacek Jan Komar
AB Mazeikiu Nafta
Tel.: (443) 9 35 34
Fax: (443) 9 25 79
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