LASCO's profit to USD 9.3mn

Latvia's listed shipping company, Latvijas Kugnieciba (LASCO), reported USD 9.29mn (EUR 6.50mn) in the group's profit in the first half of 2009, down 4.5 times, y/y. The holding's sales dropped by 6.3% to USD 104.608mn in the same period of time. The company's management assessed LASCO's operations as successful in the company's core business, shipping, as the company's profit generated by shipping operations increased by 10% in the named period of time. The group managed also to reduce its liabilities by USD 50.8mn. The company plans to proceed with an investment program, focusing on upgrading the company's fleet and increasing the operational capacities. The key owner of LASCO is the Latvian multi-business company, Ventspils Nafta, Logistics Finland informs.

(www.transportweekly.com)