Astonishing Latvia

The article of August 7th, 2012 describes the financial success of companies led the the swiss lawyer Dr. Rudolf Meroni in Latvia. Results are reported for AS Ventbunkers, Ventspils tirdzniecības osta, Ventspils commercial port and Kalija Parks.

Full article is reported in the platforms of the BNN network which is available in different languages: English, Latvian and Russian.

Meroni-led companies show good performance

August 7, 2012

Companies led by Rudolf Meroni show good performance in terms of turnover and profit, which he himself describes as very successful. To give an example, Ventbunkers profit is up despite dropping amount of cargoes.

Rudolf Meroni

Back in 2010, Ventbunkers’ turnover reached 41.1 million lats, compared to 36.1 million lats in 2009. Whereas, compared to 3.4 million lats made in 2009, the company’s profit hit 6.7 million lats in 2010.

Besides, last year Ventbunkers signed a contract with Mercurio for a record rate – 8.10 euro cents per ton. It should be added that back when Olafs Berkis was in charge of the company, the same tariffs reached mere 2.55 euro cents.

Similarly, also the company Baltijas Ekspresis’ net profit is up 38%, totalling 1,7 millions lats.

Also potassium salt transhipment company Kalija Parks shows good performance – its profit before provisions and tax reaches 925 000 lats.

Last year transit company AS Ventspils tirdzniecības osta’s turnover accounted for 26.64 million lats. It is an increase of 9.6% over 2010, when the company turned 24.31 million lats. Profit is up 57% from 353 171 lats in 2010 to 554 580 lats in 2011.

It should be noted though that last year was not that successful for Ventbunkers, because the Russian concern Lukoil’s subsidiary Litasco had blocked its terminal and railways. It is exactly for this reason why the company failed to meet expectations – 11 millions lats.

Such Litasco’s activities pushed Ventbunkers into a loss of 28.19 million lats, so in late 2011 Meroni-led Ventbunkers management prepared a claim against Litasco to compensate for damages. If the amount was recovered, the company’s profit performance would be impressive.

Full article is reported in the platforms of the BNN network which is available in different languages: English, Latvian and Russian.