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Lithuanian oil terminal Klaipedos Nafta has announced that unaudited net income for the first six months of 2011 rose by 57 percent year-on-year.

Unaudited net profit for the first six months of 2011 amounted to LTL 27.7 million (US$ 11.5 million), up LTL 10.1 million (US $7.3 million), or 57 percent, on the LTL 17.6 million profit achieved during the first half of last year.

Revenues of the company during the first half of 2011 rose to LTL 80.6 million (US$ 33.6 million), up LTL 16.7 million, or 26 percent, on the LTL 63.9 million (US$26.6 million) profit recorded during the corresponding period in 2010.

Klaipedos Nafta said the increase in revenue was due to 'significant factors' such as the decision to operate without intermediaries.

After terminating its cooperation with UAB Naftos Grupe the company said it gained approximately LTL 5 million (US$ 2 million) in additional earnings via higher transshipment tariffs and the structural reorganization of its commercial activities, which added LTL 4 million (US$ 1.7 million) earnings from additional services rendered to clients, as well as sales in June of oil products recovered from bilge waters that brought LTL 5.7 million (US$ 2.4 million).

Commenting last month on its strategy to bypass intermediaries, Klaipedos Nafta said: "The earnings of the company received during May prove that the chosen performance pattern to cooperate directly with the owners of oil products without intermediaries is both more profitable financially and more transparent."

The Klaipeda facility mostly ships exports of oil products from Russian, Lithuanian, and Belarusian refiners. Last year it handled 7.9 million tonnes of oil products.