May 31, 2011

Lithuania's Vilkyskiu dairy group posts Q1 profit

Vilkyskiu Pienine (Vilkyskiai Dairy), one of Lithuania's most technologically advanced dairy producers, posted LTL1.517 million (US$632,294) in their consolidated unaudited net profit for the first quarter of this year.

This net profit reversed the year's earlier loss of LTL2.227 million (US$928,226). Consolidated sales rose by 22.3%, year-on-year, to LTL63.329 million (US$26.4 million) in January-March.

"The revenues and the profit grew due to maximum utilisation of manufacturing capacities of the parent company Vilkyskiu Pienine during the winter season as well as due to a rise in export prices of certain products," the dairy said in its first-quarter consolidated report.

The group's revenues in Lithuania rose by 2.6%, year-on-year, to LTL22.482 million (US$9.37 million), and in Russia it rose by 2.3 times, to LTL19.677 million (US$8.2 million). The revenues in the European Union (EU) markets shrank by 2.8% to LTL19.014 million (US$7.9 million), whereas the revenues in other countries soared by 22% to LTL2.156 million (US$898,632).

Vilkyskiu Pienine posted LTL244.273 million (US$101 million) in consolidated sales for 2010, up 53.3%, year-on-year. Its consolidated net profit soared by 76.1% to LTL11.842 million (US$4.9 million).

The group owns Vilkyskiu Pienine, Kelmes Pienine (Kelme Dairy) and the cheese producer Modest. The dairy producer is based in Vilkyskiai, in Western Lithuania. Its shares are quoted on the blue-chip Main List of the NASDAQ OMX Vilnius Stock Exchange.