The Board of AB Mаzeikiu Nafta approved the consolidated audited financial results and Business Report of the Company for the financial year 2004. The financial results of the Company were audited by PricewaterhouseCoopers.
The company earned 721.883 million Litas (261.103 million US dollars) net profit during the year 2004 under U.S. Generally Accepted Accounting Principles (US GAAP), compared to a 220.946 million Litas (71.962 million US dollars) of profit in 2003.
Mazeikiu Nafta’s revenues totaled 7.663 billion Litas (2.760 billion US dollars) in 2004, compared to 5.297 billion Litas (1.736 billion US dollars) the year before.
The audited financial results will be presented to the General Shareholders’ Meeting for final approval.
The Board of Directors also approved the draft on distribution of AB Mazeikiu Nafta net profit for the financial year 2004. The Board proposed to transfer 5 per cent of net profit to required reserves, with the balance to remain in retained earnings. This decision will be presented for final consideration to the General Meeting of Shareholders of the Company.
The Board of Маzeikiu Nafta has scheduled the General Meeting of Shareholders for April 29, 2005 in Mazeikiai.
The Board also approved the candidacy of Saulius Vorauskas for the position of the Associate Deputy Director of AB Mazeikiu Nafta.