The unaudited results for the first half of 2012 of Limarko laivininkystes kompanija AB (LLK) were prepared in accordance with the International Financial Reporting Standards.
The revenue of LLK for the first six months of 2012 amounted to LTL 29.9 million (EUR 8.7 million) and decreased by 43% when compared to the revenue of LTL 52.8 million (EUR 15.3 million) during the first six months of 2011.
During the first half of 2012 LLK achieved the EBITDA of LTL 8.7 million (EUR 2.5 million) and the EBITDA margin was 29%. The EBITDA for the first six months of 2011 was LTL 9.7 million (EUR 2.8 million) and the EBITDA margin was 18%.
The loss of LLK for the first six months of 2012 was LTL 21.8 million (EUR 6.3 million). The profit of LLK for the first six months of 2011 was LTL 8.3 million (EUR 2.4 million).
The main reasons negatively affecting the results of the first half of 2012 were:
- Result of sale of two inefficient vessels;
- the increase of the exchange rate of the US Dollar, which resulted in the currency exchange rate change loss.
Although the fleet was reduced from 13 to 9 vessels (when compared to 30 June 2011), sales of oldest vessels allowed the company to improve effectiveness of main activity (EBITDA margin increased from 18 percent to 29 percent).
Mindaugas Petrauskas
Executive Director
Tel. +370 (46) 340001 ext. 713