Infrastructure investor Baltic Oil Terminals lost £4.4 million in the first half but now expects a ‘significant increase’ in cash flow.

AIM-quoted Baltic backs projects in Kaliningrad, Russia’s only ice-free Baltic port, which is being built up as a route for oil exports and other commerce. In the six months to June, the company achieved revenues of £273,000, £50,000 more than for the whole of 2006, and acquired a 25 per cent holding in Rosbunker, the only deep-sea terminal in Kaliningrad.

Chief executive officer Simon Escott says Baltic is working with its Rosbunker partners, Moscow lawyer and resources investor Vladimir Gavrilov and Russian coal exporter Kuzbassrazrezugol, to improve Rosbunker’s management. The company has expanded its other investments and is also involved in oil exploration in Siberia.

At 119p, down 1p this morning, Baltic shares have fallen 44p since our recommendation last year and may take longer than hoped to fulfill their potential.

Baltic Oil Terminals	AIM	£5.86m	10.50p	0.00p
Click here for interactive charting
Other company articles:
Interim loss at expanding Baltic			13/08/2007
Baltic raises £8.4m			03/11/2006
Baltic Oil Terminals			25/08/2006
Baltic bullish after £2.7m loss			09/08/2006
Newcomer - Baltic Oil Terminals			27/04/2006