Baltic Terminal Company’s (BTC) interim report shows that turnover for the six months to end June reached £6.04 million (€7.19 million), down from £7.62 million in the same period of 2010, while pre-tax profits climbed from £2.77 million a year earlier to £2.86 million.
However, the group’s net profits dropped from £2.86 million to £2.6 million, which it said was due to the costs of Russian court cases, the costs of audit and costs associated with the acquisition and restructuring of oil storage company Petroval Bunker International (Petrobunker).
BTC, which had £3 million in the bank at the end of September, decided against declaring a dividend.
After the end of the period, BTC acquired Haahr Tank, which operates a 160,000m3 refined oils terminal located at Aabenraa in Denmark for $9.9 million (€7.6 million), while a new build cost for this facility has been estimated at $42 million.
Under the terms of the deal, the vendor will retain the use of 35,000m3for the next five years.
“The acquisitions of Haahr Tank and Petrobunker represent significant developments for the future of Baltic,’ BTC said in the report.
‘Our portfolio of terminals businesses has been significantly strengthened and the risk profile of the business substantially improved, as the business is much less dependent on Kaliningrad, notwithstanding the very significant assets that these represent.’
The full year report for 2010, which has also been released, showed revenues of £6.02 million and a pre-tax profit of £2.4 million.