Latvijas kugnieciba
Interim report (Q1 and Q3)

About JSC 'Latvijas kuģniecība' Q1 results

Internal information, 2017-05-26 08:59 CEST (GLOBE NEWSWIRE) -- JSC 'Latvijas kuģniecība' (LSC Group) revenue for Q1 2017 was USD 24.43 million (USD 25.16 million in Q1 2016) due to weaker net voyage results of USD 19.47 million (USD 22.80 million in Q1 2016). Net profit in Q1 2017 was USD 0.16 million (net profit USD 4.11 million in Q1 2016).

The key financial indicators for LSC Group for Q1 for the last three financial years are as follows (USD million):

2015 Q1 2016 Q1 2017 Q1
Sales 21.98 25.16 24.43
EBITDA 11.03 14.61 10.94
Profit/(loss) before exceptionals 5.01 4.11 (0.70)
Exceptionals (income from financial assets) 0.01 0.00 0.00
Exceptionals (fleet impairment/reversal of fleet revaluation loss) (2.05) 0.00 0.50
Net profit 2.98 4.11 0.16

There are no changesin the commercial fleet (16 vessels). JSC 'Latvian Shipping Company' continued the strong emphasis on third party vessel technical management by the LSC subsidiary 'LSC Shipmanagement' Ltd (LSCSM). Under its technical management LSCSM as of May 2017 had 24 vessels in total, including 8 third party tankers.

LSC Group vessel loan refinancing was completed on February 28, 2017 in the amount of USD 121 million with a syndicate of three banks with a repayment deadline of the 30th of June 2022.

Disposal of 'LASCO Investment' Ltd. real estate properties is still ongoing.

About JSC 'Latvian Shipping Company'

JSC 'Latvian Shipping Company' (Nasdaq Riga: LSC1R) is vessel owner in the segment of medium and handy size tankers. The company owns 16 modern vessels employing more than 1300 professional and high-skilled seamen from Latvia. Besides, LSC subsidiary 'LSC Shipmanagement' Ltd is technically serving 8 more vessels, thus managing a fleet of 24 vessels. The average age of the LSC fleet is 9 years. All of the vessels have received ISM (International Safety Management) certificates.

Artis Ozolins, Communications Consultant
JSC 'Latvian Shipping Company'
Telephone: +371-26179051
E-mail: AOzolins@golin.com
www.lk.lv

Latvijas Kugnieciba AS published this content on 26 May 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 26 May 2017 07:05:29 UTC.

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