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Lithuania Business News: Archive 2003-

WEEK 24.2007

Saturday, 16th of June

Consumer prices should edge up by 0.3 percent
The consumer prices should edge up by 0.3 percent in Lithuania in June versus May, the country's Statistics Department projects.
In May the consumer prices rose by 0.5 percent, while the department projected a 0.4 percent monthly rate.
The twelve-month inflation average made up 4.2 percent in the country in May, while the annual rate was 4.8 percent.
Lietuvos Zinios

Lifosa reports sales
Russian-controlled Lithuanian phosphate fertilizer manufacturer Lifosa reported sales revenue of LTL 282.289 million for the first five months of this year, a drop of 3.6 percent compared with a year earlier. Lifosa sold 299.18 thousand tons of diammonium phosphate for LTL 233.81 million this year. Last year during the same period, group’s revenues stood at LTL 292.91 million. 364.1 thousand tons of diammonium phosphate was sold for LTL 264.44 million.

Visatex employs new tailors from Sri Lanka
The German sewing company Visatex, which is in Visaginas, plans to employ 13 tailors from Sri Lanka. The CEO of the company Andreas Huchting said that the company was allowed to welcome the tailors who will be able to live and work for two years in Lithuania. They will arrive to Lithuania in July or August. Visatex hopes to stabilize the number of employees in the company. The company’s turnover stood at LTL 25 million last year. Currently, there are 600 employees, the company does not make any production for Lithuania yet, it exports the suits to Germany, Netherlands and Spain.
Lietuvos Rytas, Kauno Diena

Friday, 15th of June

Rigas Dzirnavnieks exports the most to Lithuania
Latvian grain processor Rigas Dzirnavnieks said in a statement that its total exports for the five months increased 2.3 times to LVL 1.4 million Its other export markets are Estonia and Russia. The company said the strongest growth in exports was in Lithuania, due to rising industrial flour sales. It said exports to Lithuania accounted for 12 percent of its total revenues, exports to Estonia for 11 percent, and exports to Russia for 3 percent.

Lithuanian movie theaters’ figures
Lithuania's movie theatres reported LTL 12.74 million in revenues on ticket sales for the first five months of 2007, a surge of 39.1 percent from the year-earlier figure of LTL 9.16 million.
The number of movie goers soared by 35.5 percent, to 1.174 million, from 866,700 in January-May 2006, the Lithuanian Motion Picture Association said. The annual rise might reach approximately 50 percent.
Lietuvos Rytas

Centas and Litas coins to be minted in Lithuania
Amid growth in retail sales and services in Lithuania, the country's central bank intends to order millions of small-denomination centas and litas coins to be minted in the next few years. In 2008 and 2009, the central bank intends to order up to 160 million 1-centas coins, up to 90 million 2-centas coins, up to 30 million 5-centas coins, up to 40 million 10-centas coins and up to 30 million 20-centas coins.
The plans also call for minting up to14 million 1-litas coins and up to 16 million 2-litas coins.
Lietuvos Rytas

Thursday, 14th of June

City Service buys a company in Siauliai
City Service, the largest building supervision company in the Baltics, has purchased Atidumas, a company in _iauliai, thus increasing the area of supervised buildings to exceed 0.3 million square meters. City Service currently owns 14 companies in Lithuania, Russia, Latvia and Ukraine. City Service is listed on Vilnius stock exchange.

Teo LT shares are the most popular
Shares in Teo LT were the most popular on the Vilnius Stock Exchange yesterday, generating LTL 1.74 million in turnover. Panevezio Statybos Trestas (PST), Pieno Zvaigzdes, City Service and Ukio Bankas also had a successful trading session.
The OMX Vilnius index grew by 0.79 percent. The bourse's total turnover was LTL 5.96 million.
Lietuvos Zinios, Verslo Zinios

SEB Vilniaus bank is the most attractive
Lithuanian residents elected SEB Vilniaus Bankas the most attractive employer this year. The bank was the leader among last year’s ranks too. The second place fell to TV3 channel, the third one – to BMS Megapolis computer hardware dealers.
Veidas, Kauno Diena

Wednesday, 13th of June

Issue of Eurobonds
Lithuania has chosen international banks UBS Investment Bank and Societe Generale as lead managers for its new issue of Eurobonds worth 600 or 700 million euros.
The new issue of 10-year Eurobonds will be distributed in the second half of 2007, the Ministry of Finance has said in a statement. UBS Investment Bank and Societe Generale have been chosen after a thorough assessment of bids submitted by nine foreign banks.
The receipts on the new issue will be channelled for the redemption of maturing securities, refinancing of loans and budget deficit coverage.

Norfa expands
Norfa, one of the biggest grocery chains in Lithuania, intends to open its first store in Russia by the end of this year. The company, which is owned by private individuals, now has three plots of land in Russia, in Ryazan, Kolomna and Yegorovsk. Designing work is currently underway.
"These will be medium-sized stores. We plan that at least one of them will be opened by the end of this year," Norfa's public relations officer, Darius Ryliskis, said.
The company is also planning to build a store in Daugavpils, in Latvia.
Verslo Zinios

Probable GDP growth in Lithuania
The Lithuanian Finance Ministry forecasts that the country's GDP growth may be well above 8 percent this year, driven by rapid exports growth and continuing strong domestic demand. This is up from the ministry's GDP growth estimate of 7.2 percent released in March. The Lithuanian economy expanded by 7.5 percent last year. However, the ministry said the GDP growth rate would have been higher than 8 percent if it had not been for decreased production due to a drought and a fire at Mazeikiu Nafta (Mazeikiai Oil), the country's sole oil refinery.
Verslo Zinios

Tuesday, 12th of June

SBA Furniture Group reports consolidated sales
Lithuania's SBA Furniture Group reported consolidated sales of LTL 165.051 million for the first five months of this year, a rise of 25.8 percent from a year earlier. Preliminary sales for May jumped by 35.6 percent year-on-year to LTL 36.308 million, SBA said. The group is comprised of Klaipedos Baldai, Kauno Baldai, Silutes Baldai, Karige, Akmena, Baldutura, Novo Mebel, Visagino Linija and SBA-Germania.
Respublika, Lietuvos Rytas

Inflation rate in Lithuania
Lithuania's average twelve-month inflation rate, as measured by the EU Harmonized Index of Consumer Prices (HICP), stood at 4.3 percent in May, the Statistics Department reported. The inflation rate measured by HICP is the key tool for assessing a country's compliance with the prices stability criterion set out in the Maastricht Treaty. The twelve-month average and annual inflation rates as measured by HICP exceeded the rates estimated under national standards by 0.1.

Gybernija’s new share issue blocked
Romualdas Dunauskas, a former CEO of Lithuania's loss-making brewery Gubernija, on Monday blocked the company's planned new share issue worth LTL 10 million. Dunauskas, who holds more than a third of voting shares in Gubernija, used his right to block the new share issue at the company's general meeting of shareholders.
Vitas Tomkus, the publisher of the Respublika daily newspaper, and Respublikos Spaustuve (Respublika Printing House) took over the management of Gubernija in early April and now control a 45.08 percent stake in the brewery. The beer producer, which is based in Siauliai, in northern Lithuania, posted losses of LTL 4.4 million last year.
Verslo Zinios

Monday, 11th of June

Finance Minister announces
The Finance Minister Rimantas Sadzius supports public return tax declaration. He claimed that technical conditions are arranged for declaration. According to Sadzius, 75 percent of Lithuanian residents declared their return tax in electronic way. According to preliminary data of the State Tax Inspectorate, 623 thousand of country’s residents declared their income this year.
Lietuvos Zinios

Baltic Furniture Group reports its numbers
Baltijos Baldu Grupe (Baltic Furniture Group, or BBG) plans to sell its production for LTL 45 million this year. Wood Team Production and Baltic Furniture Components said its sales during January – May surged by 73 percent year-on-year to LTL 17 million. The company produces more than 25,000 of tables per month. The company’s production is distributed through one of the largest commercial networks in the world IKEA. The production is sold in the Scandinavian countries, North America, Canada and Azia. Rimas Varanauskas and Kestutis Linkus each hold 50 percent interest in BBG. Both men earlier worked for SBA, a group with major holdings in the local furniture industry.
Verslo Zinios

Milk production quotas
Milk production quotas in Lithuania will be sold via electronic auctions, the Agriculture Ministry said. It was planned earlier to sell quotas through public auctions. "A survey of producers showed that there could be as many as 2,600 sellers of quotas in the first auction. It would take at least 16 business days to sell such an amount of quotas, so buyers would have to leave their homes and stay somewhere else," Nijole Maksimaviciene, a senior official at the Agriculture Ministry, said.
Verslo Zinios

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