Vilnius, Lithuania, 2016-05-09 09:14 CEST (GLOBE NEWSWIRE) -- During the three months of 2016, the Group consisting of AB Grigeo Grigiškės, UAB „Grigeo Baltwood“, AB „Grigeo Klaipėdos kartonas“, PAT „Mena Pak“ and UAB „Grigeo Recycling“ achieved the consolidate sales turnover of EUR 26 million. It is EUR 0.4 million more than during the three months of 2015.
During the same period in question, the Company's sales amounted to EUR 13.4 million, which is EUR 0.2 million more than in the same period last year.
During the reporting period, the Group earned EUR 1.4 million profit before taxes, which is EUR 1.1 million or by 44% less than in the same period last year.
During the three months of 2016, the Company earned EUR 0.4 million profit before taxes, which is EUR 0.7 million or by 63.6% less than in the same period last year.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) of the Group and Company, if compared with the three months of 2015, decreased by 12.9% and 10%, respectively: during the three months of 2016, EBITDA of the Group was EUR 4.1 million, of the Company EUR 2.1 million.
During the three months of 2016, profitability of the Group and Company was lower than a year ago, largely due to the result of other operations. In 2015 the result of other operations was increased by income from disposal of emission allowances and sales of non-current assets. Investments of 2015 were financed by these funds. Also, the profitability was partly influenced by more expensive raw materials and electricity, if compared with the first quarter of 2015.
Nevertheless, the Group and the Company does not change forecasts of financial indicators for 2016 and take active steps for reaching the planned results.
More information is provided in the interim consolidated report of AB Grigeo Grigiškės covering the three months of 2016 with endorsement of the responsible persons (see attachments).
Gintautas Pangonis
President of AB Grigeo Grigiškės
(+370-5) 243 58 01
