Alytus, Lithuania, 2016-10-31 15:59 CET (GLOBE NEWSWIRE) -- Snaigė, AB’s EBITDA reached EUR 3.6 million in the first nine months of this year (according to the unaudited consolidated data), which is 31 per cent higher than compared to the same period last year.
The company’s sales revenue dropped by 9 per cent than compared to the same period last year and accounted for EUR 32 million (according to the unaudited consolidated data). The company exported around 89 per cent of all produce.
According Gediminas Čeika, the CEO of Snaigė AB, the drop in sales was determined by aggressive pricing policies invoked by Chinese manufacturers in certain Western markets. “We are not always able to compete with Chinese manufacturers which are seeking to secure a position in Western European markets by offering an unreasonably low price.”– stated Mr G. Čeika. “We cannot afford operating at a loss; hence, we have lost a share of the sales in certain markets like France.”
That said, the company increased its earnings in terms of exports to Ukraine, Czech Republic, Latvia, Moldova and other countries where Snaigė brand was well-known and associated with quality and durability. In the afore-mentioned countries, consumers gave their preference to the time- tested Lithuanian manufacturer.
CEO of Snaigė, AB
Gediminas Čeika
+370 315 56206
