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Lithuania Business News: Archive 2003-

WEEK 18.2007

Saturday, 5th of May

Alita reports net profit
Lithuanian alcoholic beverage producer Alita reported a consolidated net profit of LTL 1.64 million for the first quarter of this year.
Consolidated sales for the first quarter went up by 14 percent year-on-year to LTL 29.129 million, Alita said. Alita earned LTL 15.62 million of net profit last year; the consolidated turnover was LTL 143.46 million.

Income tax return
The residents of Lithuania ask to return LTL 312 million of income return tax for 2006. Three quarters of declarations where presented in electronic way. The State Tax Inspectorate received the declarations from 623,000 residents for 2006. There were about 600,000 declarations for 2005. 75 percent of all the presented declarations were electronic, last year it was only 46 percent.
Verslo Zinios, Lietuvos Rytas

Profisa stops its production for some time
The company Profisa, selling chocolate waffles Smackdown and food supplements Biosola, will not be able to sell its production for some time. The State Food and Veterinary Department announced that it stopped the production of waffles and food supplements for the incorrect marking. The department detected more than 5 percent of genetically modified soy products and it was not pointed in the Profisa products. Lietuvos Rytas

Friday, 4th of May

Pieno Zvaigzde announces its net profit
Pieno Zvaigzdes, one of the largest dairy producers in Lithuania, said its first-quarter net profit fell by 3.7 percent from a year earlier to LTL 2.6 million
Sales revenue for the first quarter jumped by 24 percent year-on-year to LTL 141.9 million, the company said. Pieno Zvaigzdes CEO Julius Kvaraciejus said this growth was due largely to a 32 percent increase in exports, which generated LTL 65.1 million, or 46 percent, of the total revenue.
Lietuvos Zinios

Siauliu Bankas reports net profit
Lithuanian bank Siauliu Bankas and its subsidiaries reported LTL 3.728 million in consolidated net profits for the first quarter of this year.
The bank said earlier that its non-consolidated net profit for the first quarter reached LTL 9.2 million, up 53 percent from LTL 6 million in the same period last year.
It said that it aimed to double its full-year net profit in 2007, to LTL 26 million from LTL 13.651 million it posted last year.
Lietuvos Zinios, Respublika

French company wants to join
France's Bouygues, the construction, transport and media giant that aims to build a new sports and entertainment arena in Kaunas, mulls joining the construction project of new Lithuania's nuclear power plant.
The representatives of Bouygues discussed possible participation in the project at Thursday's meeting with Prime Minister Gediminas Kirkilas, who also met with representatives of other French businesses. Bouygues was setting up a business consortium that might submit proposals on the design, construction, maintenance and even running of new plant. The first unit of new Lithuania's nuclear power plant should be build around 2015.
Lietuvos Rytas, Lietuvos Zinios

Thursday, 3rd of May

Lithuanian milk production
Lithuanian milk producers exported 30.68 thousand tons of natural milk from the EU countries during the first quarter of this year. It is 67.5 percent more than at the same period last year. The milk sales during these three months increased by 13.7 percent to 262.59 tons, comparing with last year when 11.3 percent of milk was sold in March only.
Lietuvos Rytas

Cars market in Lithuania
A total of 6,801 new cars were registered in Lithuania during the first four months of 2007, a surge of 28 percent versus the year-earlier figure of 5,297, the market researcher Autotyrimai reported. The Autotyrimai research showed that Volkswagen was dominated in the market in April. Toyota saved its second place and Peugeot received the third place. The April ranking of prestigious car makes was topped by BMW followed by Mercedes-Benz.
Verslo Zinios

Lidl selling real estate in Lithuania
Lidl has already sold almost one- third of objects in Lithuania. It traded 8 out of 28 Lithuanian sites and other real estate objects. Presently, the company offers 19 objects worth LTL 70.8 million. Previously, Lidl announced that it was moving away from the Baltic States due to its unsuitable market conditions.
Verslo Zinios, lietuvos Rytas

Wednesday, 2nd of May
Pieno Zvaigzde will pay dividends
Pieno Zvaigzdes, the largest Lithuania's dairy company, will pay LTL 10.779 million in dividends for 2006.As ruled by the general shareholders meeting, dividends per share with a face value of LTL 1 would amount to LTL 0.2, Pieno Zvaigzdes said in a statement. The dairy company, quoted on the Main List of Vilnius Stock Exchange posted LTL 18.492 million in audited net profit for full 2006, a rise of 20.9 percent from the year-earlier figure, as the sales grew by 22.1 percent, to LTL 545.033 million.
Lietuvos Zinios

Lietuvos Juru Laivininkyste reports net profit
Lietuvos Juru Laivininkyste Lithuania's state-controlled tramper operator, reported a net profit of LTL 2.4 million for the first three months of 2007, a plunge of 4.8 times from the year-earlier figure of LTL 11.602 million.Three-month turnover declined by 17.6 percent, year-on-year, to LTL 23.618 million, Lietuvos Juru Laivininkyste said in a statement.
The Transport Ministry holds a 56.66 percent Lietuvos Juru Laivininkyste stake in the company and the State Property Fund owns 8.79 percent of, which is quoted on the I-List of Vilnius Stock Exchange.
Lietuvos Zinios

Regitra certifies and changes drivers’ license
The State’s company Regitra overtook the function of certifying and changing drivers’ license from the Police Department yesterday. Regitra stated that driver’s licenses would be issued in all the subsidiaries and subdivisions of the company from May 1. Persons, who requested to issue a new one or change driver’s license until April 30, will be able to receive them in Regitra from now on. The drivers’ license equipment cost LTL 1.9 million to Regitra.
Lietuvos Zinios, Lietuvos Rytas

Monday, 30th of April

Mazeikiu Nafta sells its dividends
Mazeikiu Nafta the sole Baltic oil refining and transportation complex controlled by Polish oil concern PKN Orlen, will forgo dividends for 2006.
The audited net profit of the company totaled USD 65.5 million) last year. Meanwhile, the general shareholders meeting ruled to transfer full distributable profit in the amount of USD 463.918 to the subsequent business year. Mazeikiu Nafta revenues went up by 7.4 percent to USD 4.3 billion.
Lietuvos Zinios

Klaipedos Kartonas plans to raise its export
Klaipedos Kartonas (Klaipeda Cardboard) plans to raise its export and is targeting growth in full-year revenue to LTL 120 million this year. Klaipedos Kartonas said its net profit soared by 74 percent to around LTL 5 million last year, as sales increased by 16 percent to LTL 97.3 million.
The company, which produces testliner and fluting for the manufacture of corrugated board, as well as cardboard boxes and wrapping paper, said it would pay out LTL 1.75 million in dividends to shareholders for 2006. Klaipedos Kartonas CEO Arunas Pasvenskas attributed the improved performance results to the restructuring of sales markets. Last year the company cut sales to the lower-price markets in Ukraine and other CIS countries and instead increased exports to Western Europe, Poland and the Czech Republic, where prices rose.
Lietuvos Zinios

Snaige reports losses
Lithuania's Snaige, the sole Baltic household refrigerator producer, reported LTL 3.8 million in consolidated losses for the first three months of 2007, down from the consolidated pretax earnings of LTL 844,400 a year earlier.
The losses had been envisaged, Snaige CEO Mindaugas Sestokas said in a statement.
"The earnings result of the company was affected by investments and growing costs of raw materials. As compared with last year, raw stuff and materials have risen approximately 11 percent this year," he noted. Meanwhile, the consolidated turnover of the company soared to LTL 73.34 million.
The rise in turnover was fuelled by strong sales in Russia and Ukraine. "The sales in Russia trebled in the first three months of 2007 compared with the year-earlier figure", Sestokas said.
Snaige Group reported LTL 10.1 million in preliminary consolidated losses for full 2006 on the back of problems on Russia's market and bad debts.

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