Vilnius, Lithuania, 2016-08-05 08:45 CEST (GLOBE NEWSWIRE) -- During the six 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 50.3 million. It is EUR 0.9 million less than during the six months of 2015.
During the same period in question, the Company's sales amounted to EUR 26.9 million, which is EUR 0.6 million more than in the same period last year.
During the reporting period, the Group earned EUR 2.3 million profit before taxes, which is EUR 2.2 million less than in the same period last year.
During the six months of 2016, the Company earned EUR 2.034 million profit before taxes, which is EUR 2 thousand more than in the same period last year.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) of the Group and Company, if compared with the six months of 2015, decreased by 12% and increased by 8%, respectively: during the six months of 2016, EBITDA of the Group was EUR 7.9 million, of the Company EUR 4.5 million.
During the six months of 2016, if compared with the same period last year, the decrease of Group's profit before taxes was caused by the decrease of sales volume of Group's separate companies. This decrease was forecasted. It was caused by the prices changes in wood segment, which were affected by the market factors. The second important factor was subsidiary's preparation for monthly production suspension, which was related to the modernisation of corrugated paper production machine increasing production capacity. More information about this project was provided by notification on material event on the 10th of July 2015.
The same above-mentioned factors also influenced change of Group's EBITDA.
However, despite of these changes, management of the Group doesn't change on the 22nd of December 2015 proclaimed forecasted financial indicators for the year 2016 of the Group.
More information is provided in the interim consolidated report of AB Grigeo Grigiškės covering the six months of 2016 with endorsement of the responsible persons (see attachments).
Gintautas Pangonis
President of AB Grigeo Grigiškės
(+370-5) 243 58 01
