OREANDA-NEWS. September 07, 2009. AB Mazeikiu Nafta announced that consolidated net profit of the Company for the first half of the year amounted to LTL 72 million (USD 29 million) in comparison with LTL 280 million (USD 127 million) for the same period of 2008. Revenues of the Company for the first half of 2009 reached LTL 4.8 billion, and were almost twice lower than for the same period last year (LTL 8.9 billion). Refining volumes of the Company decreased by 6 percent only in comparison with the first half of the last year, reported the press-centre of ORLEN Lietuva.

During the first half of the year AB Mazeikiu Nafta refined 4.366 million tons of feedstock, including 4.212 million tons of crude oil (compared to 4.676 million tons of feedstock, including 4.448 million tons of crude oil during the same period of 2008).

Feedstock refined during the 2nd quarter of 2009 amounted to 2.135 million tons (including 2.054 million tons of crude), i.e. almost by 15 percent less than in the 2nd quarter of 2008. Revenues of the Company within the indicated period reached 2.550 billion Litas, i.e. almost by 52 percent lower if compared to the 2nd quarter of 2008 (5.281 billion Litas). Decrease of the revenues was impacted by drop of the global crude oil and petroleum product prices in comparison with the year 2008.

Capacity utilization in the 2nd quarter of the year (calculated on the basis of 10 million ton per year refining capacities) was 81 percent, being lower by 6 percent in comparison with the 1st quarter of 2008 and by 16 percent lower if compared to the 2nd quarter of 2008 (97 percent). Start-up of the new Hydrogen Generation Unit and modernization of reactor in Diesel Hydrotreatment Unit as well as low global refining margins had an impact on the lower capacities.

Despite of the unfavorable macroeconomic conditions, i.e. reduced consumption of petroleum products in Lithuania as well as crude refining margins, operating profit of AB Mazeikiu Nafta Group (EBIT – earnings before interest and tax) for the first half of 2009 reached 114 million Litas.

Krystian Pater, General Director of AB Mazeikiu Nafta, in evaluation of the Company’s performance for the first half of the year, told that slowdown of the global economy had a material impact on the Company’s results – fuel consumption decreased significantly due to the total economic recession. Only in Lithuania alone sales of diesel fuel within the indicated period decreased by 25 percent, while sales of gasoline dropped by 8 percent. Nevertheless, the Company managed to retain its position on the main markets, successfully selling all of its products.

 „Despite of the market tendencies and the losses incurred during the 1st quarter of 2009, financial indicators of Mazeikiu Nafta for the first half of the year were good. This year we concentrated on the increase of operational efficiency, reducing utilization of energy resources, increasing volume of light products as well as further restructuring the Company and optimizing the number of employees“, – told General Director of AB Mazeikiu Nafta.