Alytus, Lithuania, 2011-04-28 16:27 CEST (GLOBE NEWSWIRE) -- According to unaudited unconsolidated data, during the first quarter of 2011, AB Snaigė achieved the turnover of 22.9 million litas, i.e. over 30 per cent more than in the same period of the last year, when the turnover was 17.6 million litas. During the first quarter, the company had 1.5 million litas of unaudited unconsolidated total loss, i.e. 2 times lower than during the same period last year.
According to Gediminas Čeika, AB Snaige CEO, in the first quarter, the company's turnover has increased thanks to the recovery in the Ukrainian market and stronger sales in Lithuania and the new Uzbekistan and Tajikistan markets. "While sales and earnings were growing, profits from increased sales were not compensated the marked price increase of raw materials in the first quarter (especially metals and plastics)," G. Čeika says. "If the raw material price increases continue, the company's year may be less successful than we planned, despite growing sales.“
In order to offset raw material price increases, the company intensified the programmes for reduction of production cost and expenditure, initiated comprehensive rearrangement of its procurement division continues to improve inventory management.
According to unaudited, unconsolidated data, AB Snaigė’s EBITDA on the first quarter of 2011 amounted to 0.99 million litas, i.e. almost 10 times more than last year during the same period, when the unaudited non-consolidated EBITDA amounted to 0.101 million litas.
Consolidated unaudited results of the company of the first quarter of 2011 were negatively affected by maintenance costs of the closed Kaliningrad plant, and currency fluctuations. Accordingly, the unaudited consolidated AB Snaigė’s gross loss was 2.176 million litas. The company's unaudited consolidated turnover amounted to 22.3 million litas, unaudited consolidated EBITDA amounted to 0.68 million litas.
Managing Director
Gediminas Čeika
+370 315 56206
