MAZEIKIAI—Thursday, October 31, Mažeikių Nafta reported its preliminary financial results for the first nine months of 2002 to the Lithuanian Stock Exchange.
Based on US Generally Accepted Accounting Principles (GAAP), Mazeikiu Nafta's preliminary loss was 172.8 million Litas, compared to 163.6 million Litas for the same period in 2001. Based on Lithuanian accounting principles (LAP), Mažeikių Nafta’s preliminary loss for the first nine months of 2002 was 248.5 million Litas, compared to 151.9 million Litas for the same period last year.
According to Vita Petrosiene, acting Chief Financial Officer of Mazeikiu Nafta, “the loss was mostly caused by very low refining margins throughout almost the entire period, as a result of which the Company has shown negative financial results despite high throughput volumes through the Butinge Terminal and the pipeline system and stable operations at the refinery.”
“Mazeikiu Nafta was operating just slightly below breakeven level due to improved refining margins in September”, she added.
Due to lower margins, Mazeikiu Nafta has kept refining volumes below last year’s levels, refining around 4.7 million metric tons of crude oil and other feedstock over the first nine months of 2002, compared to over 5 million metric tons during the same period a year ago.
The Company’s pipeline system transported almost 18 million metric tons of crude oil and diesel fuel in the first nine months of this year. A year ago, the pipeline had handled almost 23 million metric tons.
The Bûtinge Terminal exported 3.9 million metric tons of crude oil and was operating at capacity throughout the entire period after resuming operations in late March. The Terminal had exported 4.2 million metric tons in the first 9 months of 2001.
Date: November 4, 2002
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