November 29, 2011

Lithuania's Vilkyskiu net earnings up 6%

Vilkyskiu Pienine's net earnings grow by 6.2%, to LTL8.559 million (US$3.309 million), in the first nine months of this year, from LTL8.059 million (US$3.116 million) in the same period last year.

"Early this year the revenues and the net earnings increased owing to higher export prices of products and the maximum utilisation of Vilkyskiu Pienine's manufacturing capacities during the winter season. Both the prices of raw materials and the export prices of products stabilised in the middle of the year, which enabled the group to generate a net profit of LTL8 million (US$3.1 million)," the group said in a consolidated nine-month report.

Consolidated sales revenues rose by 17.7%, on-year, to LTL210.738 million (US$81.5 million) in January-September. The group said in the report that earnings were generated on export markets.

Lithuania remained the group's biggest market in the reporting period, with sales up by 12%, to LTL79.676 million (US$30.8 million). Sales in EU markets increased by 15%, to LTL71.049 million (US$27.5 million), in Russia - by 29%, to LTL54.484 million (US$21.1 million), and in other countries - by 45%, to LTL5.529 million (US$2.1 million).

Vilkyskiu Pienine CEO Gintaras Bertasius held a 50.8% stake in the company in late June.

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.