Operational results for the nine months of 2011
The unaudited results for the nine months of 2011 of Limarko laivininkystes kompanija AB (LLK) were prepared in accordance with the International Financial Reporting Standards.
The revenue of LLK for the nine months of 2011 amounted to LTL 71.2 million (EUR 20.6 million) and decreased by 26% when compared to the revenue of LTL 96.4 million (EUR 27,9 million) during the nine months of 2010.
During the nine months of 2011 LLK achieved the EBITDA of LTL 9.9 million (EUR 2.9 million) and the EBITDA margin was 14%. The EBITDA for the nine months of 2010 was LTL 13.7 million (EUR 4.0 million) and the EBITDA margin was 14%.
The losses of LLK for the nine months of 2011 amounted to LTL 0.8 million (EUR 0.2 million). The losses of LLK for January - September of 2010 were LTL 19.1 million (EUR 5.6 million).
Main reasons for the result of 9 months of 2011:
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fleet reduction (to 11 vessels as of the end of September) had an effect on reduced revenue and the result;
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high marine fuel prices;
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insufficiently active market, resulting mainly from the EU “debt” issues during the second half of the current year.
Vytautas Lygnugaris
President
Tel. +370 46 340001 (ext. 713)
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