LASCO posts biggest profit ever

The state-owned Latvian Shipping Company posted its highest profit ever last year, according to audited results released last week.

The company earned a profit of $26.1 million, compared with a $20.5 million loss in 2000.

Company officials said the 2000 results were affected by the re-evaluation of its aging fleet.

The results come as the government continues the company's long-awaited privatization.

Tanker business helped buoy the company's 2001 profits, according to a company official.

The tanker fleet earned a profit of $35.6 million last year, up about $14 million over 2000, and posted $109.9 million in sales. Tanker revenue accounted for 83 percent of the company's turnover.

Its refrigerator fleet lost $5.6 million, far less than in 2000 when it lost $10.5 million, according to the company.

The company's gas carrier fleet posted a profit of $3.4 million last year, a drop of $4 million from 2000. Latvian Shipping Company President Andris Klavins blamed the falling profit on lower gas freight rates.

The Latvian Shipping Company has a fleet of 40 tankers, 14 refrigerator ships, two gas carriers and two dry-bulk ships.

Privatization of the company began Feb. 18 when a 32 percent stake was offered for privatization vouchers. That offering ended March 22. Another 51 percent of the company is scheduled to be sold on equity markets, probably this summer.