MAZEIKIAI - Маzeikiu Nafta reported its consolidated preliminary financial results for the first six months of 2005 to Vilnius Stock Exchange. Company’s auditor PricewaterhouseCoopers reviewed financial results.

The Company earned 378.9 million Litas of unaudited net profit during the first six months of 2005 under International Financial Reporting Standards (IFRS). Mazeikiu Nafta’s net profit, according US generally accepted principles of accounting (US GAAP), during the first six months of 2005 was 171.2 million US dollars, compared to 82.4 million US dollars during the same period a year ago.

Company’s revenues reached 4.3 billion Litas during the first six months of 2005, compared to 3.1 billion Litas during the same period a year ago.

“Outstanding financial results of our company reflect excellent performance of our team - people working at Mazeikiu Nafta and favourable situation in the refining market. Our company has successfully invested into a few modernization projects. Today we enjoy benefits of modernization along with stability in crude oil supplies,” said P. Nelson English, General Director of Mazeikiu Nafta.

During the first six months of 2005, Маzeikiu Nafta refined 4.42 million metric tons of crude oil and other feedstock, or by 13.3 percent more than in the same period last year (3.9 million tons).

The Butinge Terminal transhipped 2.6 million metric tons of crude during the first six months of 2005, compared to 4.62 million metric tons in the same period of 2004.

The Birzai pipelines transported 9.6 million metric tons of crude and diesel fuel during the first six months of 2005, compared to 10.4 million metric tons in the same period a year ago.

Маzeikiu Nafta collected and paid over 1.3 billion Litas in taxes during the first six months of 2005, compared to 847 million Litas during the same period a year ago.

Маzeikiu Nafta Trading House, a wholly owned subsidiary of Маzeikiu Nafta, continued successful operations in its strategic markets.

Sales of gasoline, diesel and other products within six months of 2005 amounted to 785 thousand metric tons in Lithuania, 236 thousand metric tons in Latvia, 235 thousand metric tons in Estonia, and 227 thousand metric tons in Poland. Sales in strategic markets for same period a year ago were 672 thousand metric tons in Lithuania, 249 thousand metric tons in Latvia, 167 thousand metric tons in Estonia and 167 thousand metric tons in Poland

Almost 2.6 million metric tons of products were transported via the Klaipeda seaport to Western Europe, the US, Canada and other parts of the world during the six months of 2005, up from 2.23 million metric tons within the six months of 2004.