Baltic Oil shares plummet

Shares in Baltic Oil Terminals dived 35% on the same day the group resumed AIM trading following the release of its interim report which showed a decline in earnings per share (EPS).

EPS for the six months ended June 30 fell from 4.87p to 2.82p, despite a slight increase in profit before tax from £2.77m to £2.86m.

Revenue for the period fell year-on-year from £7.6m to £6m, but profits were boosted by a share of profits of associates.

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The return to trading came eight months after the company was suspended because it could not report its full year 2010 results on time.

The share price tumble left the firm with an estimated market capitalisation of £15.12m.

Net profits were down from £2.86m to £2.6m, which the firm blamed on the expense of various Russian court cases, auditing, restructuring and acquisitions.

In a statement the company said: "The acquisitions of Haahr Tank and Petrobunker represent significant developments for the future of Baltic. 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.

"As well as this diversification of risk, the operational base of the business has been greatly strengthened as has our regional presence in the Baltic."

The company has not recommended the payment of a dividend.