Lietuvos Juru Laivininkyste AB - Interim information

PC "Lithuanian shipping company "activity results and interim financial statements for the six month 2013

Klaipeda, Lithuania, 2013-08-14 14:12 CEST (GLOBE NEWSWIRE) -- 





Activity results for the six months of 2013.

 On 13th August, 2013 the Board of PC “Lithuanian Shipping Company” (LSC) has
confirmed unaudited interim financial reports prepared according to the
International Financial Reporting Standards for the period of six months of
year 2013, ended on 30th June, 2013. 

 The income during January-June, 2013 was LTL 47.8 million (EUR 13.8 million)
and, if compared to the same months of 2012 income of LTL 37.6 million (EUR
10.9 million), has increased by 27%. 

 EBITDA during January-June, 2013 was LTL 1.2 million (EUR 0.3 million), EBITDA
during the first six months of 2012 was LTL 4.9 million (EUR 1.4 million). 

 The loss during January-June, 2013 was LTL 9.8 million (EUR 2.8 million), of
which LTL 1.2 million (EUR 0.3 million) is related to negative impact of
currency exchange. The loss of the same months of 2012 was LTL 8.3 million (EUR
2.4 million). 

 LSC long-term investments (ships' repairs) during January-June, 2013 were LTL
4.7 million (EUR 1.4 million). Long-term investments during the same months of
2012 were LTL 5.6 million (EUR 1.6 million). 

 Due to protracted economic hardship in the global shipping market the interim
results for the six months of 2013 did not meet management's expectations.
Considering that during the period January-June, 2013 all planned ship's
repairs for the year 2013 were fully performed LSC expects to stable and more
cost-effective performance in the second half of 2013. 



Attachment:

LSC interim financial statements for the period of six months ended on 30th
June, 2013 and semi-annual interim report 2013. 



Arvydas Stropus

Chief accountant

Ph.: (+370 46) 393126

Attachments:

Semi-annual interim report 2013.pdf

Confirmation respons. person and financial statements for six month 2013.pdf