Mazeikiu Nafta Board Approves 2003 Financial Results and Modernization Program Expenditures for 2004

26-03-2004  News

VILNIUS — The Board of Directors of AB Mаzeikiu Nafta today approved the consolidated audited financial results and Business Report for 2003. The financial results were audited by PricewaterhouseCoopers.

The company earned 220.946 million Litas (71.962 million US dollars) net profit in 2003 according to US Generally Accepted Accounting Principles (US GAAP), compared to a net loss of 114.333 million Litas (31.013 million US dollars) in 2002. Net profit for the fourth quarter of 2003 was 103.014 million Litas (34.641 million US dollars), compared to a profit of 60.501 million Litas (13.026 million US dollars) during the same period in 2002.

Under Lithuanian Accounting Principles (LAP), Mazeikiu Nafta posted a 367.761 million Litas net profit in 2003 compared to a 149.614 million Litas loss in 2002.

“Market trends remained positive throughout most of 2003, and we managed to run both the refinery and the terminal at optimum capacity”, said P. Nelson English, General Director of Mazeikiu Nafta. 

Mazeikiu Nafta’s revenues totaled 5.297 billion Litas (1.736 billion US dollars) in 2003, compared to 4.721 billion Litas (1.297 billion US dollars) the year before.

Маzeikiu Nafta collected and paid over 1.927 billion Litas in taxes during 2003, compared to 1.952 billion Litas during 2002.

The audited financial results will be presented to the Supervisory Council and subsequently to the General Shareholders’ Meeting for final approval.

The Board of Маzeikiu Nafta has scheduled the General Shareholders’ Meeting for April 30, 2004 in the city of Mazeikiai.

The Board has also approved a revised and updated Modernization Program and requisite expenditures for 2004. Mazeikiu Nafta will invest 66.75 million US dollars in this revised Modernization program this year.

Date: March 26, 2004
Giedrius Karsokas
AB Mazeikiu Nafta
tel. +370 610 65298
fax +370 443 92579

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