Saturday, 22nd of April
Court opens bankruptcy case against Ekranas
The Panevezys Regional Court on Thursday decided to start bankruptcy proceedings against Lithuania's financially troubled TV tube manufacturer Ekranas. Judge Edmundas Jaras of the Panevezys court said that the decision would come into force in ten days' time, unless appealed.
"All assets of the company are frozen now. Unless the court's decision is appealed, the court-appointed bankruptcy administrator Laisvutis Virgilijus Survila will take over the management of the assets in ten days," Jaras said.
Ekranas' short-term and long-term liabilities totalled LTL 323.576 million as of late 2005, of which outstanding bank loans amounted to LTL 220.777 million. The company owes money to SEB Vilniaus Bankas, Hansabankas, Hanza Lizingas, Nord/LB Lietuva and Nordea Bank Finland's Lithuanian branch.
The TV tube manufacturer posted a loss of LTL 110.3 million for 2005, compared to a net profit of LTL 1.29 million a year earlier.
Norfa retailer raises sales 24 percent
Norfa Group, the operator of the leading Lithuania's grocery chain, reported LTL 278.517 million in sales for the first three months of 2005 (ex VAT), a rise of 24.2 percent from the year-earlier figure of LTL 224.624 million. Sales, VAT inclusive, increased by 24.3 percent, to LTL 325.625 million in the reporting period.
17 firms want to work on new N-plant feasibility study
Seventeen consulting companies have expressed their wish to advise Baltic energy companies on the preparation of a feasibility study for the construction of a new nuclear power reactor in Lithuania. There is only one Lithuanian company on the list.
"The study is highly complicated and is of crucial importance for the regional energy sector, so it is necessary that its implementation involves world-known consulting companies," Lietuvos Energija CEO Rymantas Juozaitis said in a statement.
Friday, 21st of April
Baltic retailer VP Market raises sales 14.5 percent
VP Market, the largest retailer in the Baltics, posted sales of EUR 389.92 million in the three Baltic countries, Romania and Bulgaria for the first three month of this year, a rise of 14.5 percent versus the year-earlier figure of EUR 340.65 million.
"The growth was the fastest in Estonia in the first quarter - our sales in that country soared by almost 87 percent compared with the first quarter of last year. We intend to pursue fast expansion in Estonia this year," Gintaras Marcinkevicius, VP Market chairman and CEO, said.
Lietuvos Rytas, Respublika
Medicinos Bankas boosts profit
Medicinos Bankas, one of Lithuania's smallest commercial banks by assets, posted a net profit of LTL 605,000 for the first quarter of this year, up 26.8 percent from LTL 477,000 a year earlier. The bank said its assets soared by 41.6 percent year-on-year to reach LTL 271.27 million at the end of March.
The bank's loan portfolio grew by 29.6 percent over the reporting period to LTL 171.13 million. Deposits and letters of credit increased by 46.4 percent to LTL 167.59 million.
Verslo Zinios, Respublika
Two more Lithuania's companies get green light for exports to Russia
Two more Lithuania's meat processing companies have been authorized to export their products to Russia, the State Food and Veterinary Service has reported. Russia's Federal Service for Veterinary and Phytosanitary Supervision has given a green light for meat processing companies - Natanga, based in the district of Silale, and Daivida, the Rokiskis-based company - to export products of animal origin to Russia.
Until now, the permits for exports of products to Russia have been granted to 76 Lithuania's companies, more than in any other EU newcomer.
Thursday, 20th of April
Snaige posts LTL 19.2 million profit for 2005
Snaige, the only household refrigerator manufacturer in the Baltics, reported a consolidated pretax profit of LTL 19.2 million for 2005, up 4.3 percent from LTL 18.4 million in 2004.
"Snaige operated profitably and achieved its targets in 2005," Snaige CEO Mindaugas Sestokas said in a statement.
Snaiges management board proposes to pay no dividend for the year.
Lietuvos Zinios, Respublika
Mazeikiu Nafta reached LTL 885.7 million audited profit
Lithuanian oil refinery Mazeikiu Nafta, which is controlled by the crippled Russian oil company Yukos, posted an audited consolidated net profit of LTL 885.714 million for 2005, up 22.8 percent from LTL 721.106 million in 2004.
Giedrius Karsokas, Mazeikiu Nafta's communication director, could not say why the profit figure was lower after the audit.
According to unofficial sources, the board of Mazeikiu Nafta proposes not to pay dividends to the shareholders.
Lietuvos Zinios, Verslo Zinios
Alytus Tekstile in red
Lithuanian cotton textile manufacturer Alytaus Tekstile posted an audited loss of LTL 15.995 million for 2005. The management board proposes that the company's accumulated losses, totalling LTL 53.954 million, be carried forward to the next financial year.
Grazina Ludaviciene, the company's chief accountant, said that the increased loss figure was due to additional provisions.
The 2005 loss is up two percent from the 2004 loss of LTL 15.673 million. Sales fell by 8.2 percent last year to LTL 69.999 million, down from LTL 76.277 million in the previous year.
Verslo Zinios, Lietuvos Rytas
Wednesday, 19th of April
Aggregate audited profit of Lithuania's commercial banks soar
The aggregate assets of all commercial banks stood at LTL 44.849 billion as of January 1, a rise of 53.9 percent year-on-year. Aggregate loan portfolio soared by 53.6 percent, to LTL 25.957 billion, including LTL 8.539 billion in retail loans, which surged by 92 percent versus 2004.
The aggregate amount of deposits and letters of credit rose by 40.7 percent, year-on-year, to LTL 25.133 billion, including LTL 13.757 billion in retail deposits, which expanded by 40.2 percent on a yearly basis.
Zemaitijos Pienas sets aside LTL 2.9 million for dividends
Zemaitijos Pienas, one of Lithuania's largest dairy producers, has set aside LTL 2.903 million for dividends for 2005. This year the prouder will modernise the production. The investments into the modernisation project will amount to EUR 3.4 million from EU funds. The company will purchase new lines and will establish new quality standards. A part of investments will be channelled to improve the product packages. Besides, Zemaitijos Pienas expects an investor in 2006-2007.
Credit union boosts assets
Assets of the Lithuanian Central Credit Union grew 74.8 percent to LTL 78.6 million last year. Deposits of the union members that increased by 89.3 percent of LTL 32.7 million over a year predetermined the growth of the assets of the union. The issued loans soared by 53.9 percent and accounted for over 67 percent of the total assets of the union in 2005.
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