Consolidated Group operating profitfor the first half of 2014 was LTL 1.2 million (EUR 0.4 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 profitfor the first half of 2014, as in the same period in 2013 the Company incurred LTL 1.5 million (EUR 0.4 million) operating loss.
“The increase of profitability is one of the major tasks for the Company. By changing strategy, we purposely rejected part of the orders as to turn ourselves to manufacturing of higher value added production. The fact that the group earned more operating profit during the first half of the current year compared to the first six months of previous year shows we have chosen the right path,” AB “Utenostrikotažas” director general Gintautas Bareika said.
The consolidated Group results (precisely financial activity) were negatively impacted by LTL 6.4 million (EUR 1.8 million) in the first half of 2014 due to Ukraine currency exchange rate (UAH) fluctuation due to the political situation in Ukraine, as in the same period in 2013 the foreign exchange influence was positiveand reached LTL 0.1 million (EUR 0.04 million). It is important to note, that it virtually had no effect on the Company or Group cash flows.
Mainly due to the reason above, the Group incurred LTL 6.4 million (EUR 1.9 million) of pre-tax lossfor the first half of 2014, as in the same period in 2013 the Group incurred LTL 1.9 million (EUR 0.6 million) loss before taxes.AB "Utenos trikotažas" incurred LTL 1.0 million (EUR 0.3 million) of pre-tax lossfor the first half of 2014, as in the same period in 2013 incurred LTL 2.6 million (EUR 0.8 million) loss before taxes.
For more information please contact Mr. Gintautas Bareika, the Managing Director of AB Utenos Trikotažas, phone 370 389 51445.
I, the undersigned, hereby confirm that the above information is complete and true.
Managing Director of AB Utenos Trikotažas Gintautas Bareika
