Utena, Lithuania, 2016-02-29 15:30 CET (GLOBE NEWSWIRE) -- Sales of AB “Utenos trikotažas” in 2015 amounted to 16.0 million Euros and they dropped by 0.2 % in comparison to the respective period in 2014.
Consolidated sales of Group “Utenos trikotažas” in 2015 amounted to 18.9 million Euros and they dropped by 4.3 % in comparison to the respective period in 2014.
Group AB “Utenos trikotažas” has earned 0.3 million Euros operating profit in 2015, whereas the earnings of the operating profit in 2014 amounted to 1.6 million Euros. The Group has suffered loss amounting to 0.3 million Euros before tax whereas the sum of suffered losses before tax in 2014 amounted to 0.1 million Euros.
AB “Utenos trikotažas” has suffered 0.1 million Euros operating loss in 2015, whereas the earnings in 2014 amounted to 0.5 million Euros operating profit. The Company has suffered 0.2 million Euros loss before tax, whereas the suffered loss before tax in 2014 amounted to 0.3 million Euros.
“In 2015 we managed not only to compensate for the shrinkage of the Russian retail market, where a considerable part of the major customers of “Utenos trikotažas” operates in, but we have also built a strong foundation for further growth. The fact that the operations of Group “Utenos trikotažas” were profitable even under such complicated market conditions shows that the long-term strategy, involving focusing on such trends as adoption and development of innovations, manufacture of higher value-added production and development of our own brands, is sustainable”, said Eimundas Mačiulis, Chief Executive Officer of AB “Utenos trikotažas”.
The most important step implemented by AB “Utenos trikotažas” last year was production modernization program with investments amounting to approximately EUR 700 000. The Company was the first one in the Baltic States to acquire continuous digital printing equipment enabling to transfer particularly bright and fine images on natural fibres and to preserve exceptional softness of the material. Moreover, 3 new knitting machines were purchased for the hosiery factory thus enabling to expand the technological capabilities even more.
“Nowadays clothing collections in the retail trade are being changed much more frequently than they used to be before. Customers want more diversity, product batches are smaller but they are ordered much more frequently. The modern technologies we have acquired this year will allow us to offer every client as many fabric printing options as he or she wants. The new equipment will contribute to increasing sales and will open up new potential for development of new solutions for clients”, - said E. Mačiulis.
Investments in the modernization program of AB “Utenos trikotažas” were made using the Company’s funds as well as the additional long-term funding granted to the Company by DNB bank.
The head of AB “Utenos trikotažas” noted that the positive impact of the actions taken by the Company in 2015 is already obvious. “Currently the number of orders for the first quarter this year is higher by approximately 15 percent comparing to 2015. This growth is stimulated by new clients that we have started cooperating last year already” - said E. Mačiulis.
For more details on the material event please contact Eimundas Mačiulis, Chief Executive Officer of AB “Utenos trikotažas”, on +370 389 51445.
Chief Executive Officer AB “Utenostrikotažas” Eimundas Mačiulis
