25 May 2012

Baltic Oil into the black

01/06/2010 Robert Tyerman

Russian export tax cuts and revived second half activity saw Baltic Oil Terminals make £2 million pre-tax profit last year.

Quoted on AIM and headquartered in the Russian Baltic enclave of Kaliningrad, the company achieved a £9.3 million turnaround in 2009 from losses of £7.3 million, helped by a 46 per cent cut in administrative expenses to £2.7 million. Revenues plunged from £47 million to £8.4 million, but Baltic, whose key asset is half of the Rosbunker terminal at the mouth of the Pregol River leading into Kaliningrad, says this reflects a move from high volume/low margin business to low volume/high margin operations and a switch from recognising gross trading revenues to recognising them net.

Chief executive Simon Escott says Russia’s export tax reductions took longer to come through than expected, but helped stimulate second-half trading activity. He adds US President Obama’s decision to cancel America’s missile shield programme in Eastern Europe led to a ’real and positive’ improvement in the company’s relations with the Russian Navy and authorities at Kaliningrad.

During the year, Baltic settled its dispute with its former operations chief Vladimir Gavrilov, who had been dismissed over conflicts of interest and who then sued over a £510,000 loan and £110,000 interest. Escott reports favourable trading conditions are this year allowing all parts of the business ‘to perform strongly’.

Floated at 140p in 2006, shares in Baltic reached 212p before later collapsing to 6.5p. They have now rallied to 28.25p, valuing the company at £17 million.

Tags: AIM, Restructuring, Turnaround

Sector: Industrial Transportation

Companies: Baltic Oil Terminals

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