Consolidated Group operating profit for the first quarter of 2014 was LTL 0.6 million (EUR 0.2 million), as in the same period in 2013 the Group incurred LTL 0.8 million (EUR 0.2 million) operating loss. AB "Utenos trikotažas" earned LTL 0.2 million (EUR 0.1 million) of operating profit for the first quarter of 2014, as in the same period in 2013 the Company incurred LTL 1.2 million (EUR 0.4 million) operating loss.
"Positive results for the first quarter of 2014 were generated by consistently implemented strategic orientation towards innovative fabrics and higher added-value manufacturing. After revising the key performance indicators, the number of customers and orders was reduced in order to better satisfy the needs of strategically important, higher profitability, manufacturing of innovative fabrics requiring clients. This solution aims to increase operating profit in the near future as well“, commented Mr. Gintautas Bareika, Chief Executive Officer of AB "Utenos Trikotažas".
The consolidated Group results (precisely financial activity) were negatively impacted by LTL 5.6 million (EUR 1.6 million) in the first quarter of 2014 due to Ukraine currency exchange rate (UAH) fluctuation, as in the same period in 2013 the foreign exchange influence was positive and reached LTL 0.4 million (EUR 0.1 million). It is important to note, that it virtually had no effect on the Company or Group cash flows.
Due to the reason above, the Group incurred LTL 5.6 million (EUR 1.6 million) of pre-tax loss for the first quarter of 2014, as in the same period in 2013 the Group incurred LTL 1.0 million (EUR 0.3 million) loss before taxes. AB "Utenos trikotažas" incurred LTL 0.4 million (EUR 0.1 million) of pre-tax loss for the first quarter of 2014, as in the same period in 2013 incurred LTL 1.8 million (EUR 0.5 million) loss before taxes.
For more information please contact Mr. Gintautas Bareika, Managing Director of AB "Utenos trikotažas", tel. No. 370 389 51445.
I, the undersigned, confirm that the above information is complete and true.
Managing Director AB “Utenos trikotažas” Gintautas Bareika
