May 11, 2011

Lithuanian pig breeder Saerimner's profits drop to US$4 million

Saerimner saw its 2010 net profit slump to LTL10.01 million (US$4.215 million), down 43% from LTL17.572 million (US$7.3 million) in 2009.

Sales revenue last year fell by 8.9% to LTL131.999 million (US$55 million), the company said in its 2010 annual report filed to the Center of Registers.

Sales in Lithuania rose by 36.7% to LTL73.905 million (US$30.8 million), accounting for 56% of the total revenue. Sales in Russia more than halved to LTL34.799 million (US$14.5 million), or 26.4% of the total sales, while sales in Poland almost trebled to LTL13.725 million (US$5.7 million), or 10.4%.

The company's cost of sales last year increased by 2.7% to LTL105.699 million (US$44.1 million) and operating costs went up by 1.9% to LTL14.882 million (US$16.2 million). Losses from financial and investment activities rose by 1.8% to LTL5.842 million (US$2.4 million); Pretax earnings dropped to LTL7.701 million (US$3.2 million), down from LTL22.459 million (US$9.3 million) in 2009.

This year Saerimner is projecting a net profit of LTL14.407 million (US$6 million), on revenue of LTL133.969 million (US$55.9 million). The company has earmarked LTL5.379 million (US$2.4 million) for investment.

The company owns seven pig-breeding complexes in Lithuania.

Danish Lithuanian Holding, a Danish-registered company, holds 100% of shares in Saerimner.