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Lithuania Business News: Archive 2003-

WEEK 30.2007

Saturday, 28th of July

Siauliu Bankas reports numbers
The financial group of Siauliu Bankas, the fast growing Lithuania's commercial bank, reported LTL 16.722 million in unaudited consolidated net profit for the first half of 2007, a surge of LTL 8.089 million. Siauliu Bankas alone raised the interim net profit by 2.4 times, year-on-year, to LTL 20.541 million, the bank said in an earnings statement to the Vilnius Stock Exchange (VSE).

Klaipedos Furniture report numbers
Lithuania's furniture producer Klaipedos Baldai (Klaipeda Furniture) reported LTL 1.252 million in pretax profit for the first half of 2007. Interim revenues, meanwhile, soared by 33.9 percent, year-on-year, to LTL 74.075 million, the company said in a statement.

Lithuanian leasing market
The Lithuanian leasing market reached LTL 9.13 billion at the end of June, rising by LTL 1.65 billion or 22 percent since the start of the year, the Lithuanian Leasing Association reported. The total value of new leasing contracts concluded during the six months soared by 50.9 percent year-on-year to LTL 4.15 billion. Local operations of Estonia's Hansabank Group held the largest share of the Lithuanian leasing market (41.37 percent) in the first half, followed by SEB VB Lizingas (36.27 percent). DnB Nord Lizingas ranked third with 6.16 percent and Sampo Banko Lizingas was fourth with 5.7 percent.

Friday, 27th of July

Sanitas posts interim profit
Sanitas, the owner of pharmaceutical plants in Lithuania, Poland and Slovakia, exceeded full-year profit target in the first half of 2007 as the consolidated interim profit hit LTL 22 million and revised the full-year profit projections to LTL 34.3 million. For June alone, Sanitas reported LTL 6.5 million in net profit. The group has also revised its full-year revenues projections to LTL 350.2 million.
Respublika, Verslo Zinios

Vilniaus Vingis claims liquidation
Lithuania's electronics maker Vilniaus Vingis, which earlier ceased the production of deflection yokes and divested real estate, has confirmed officially that the company will be liquidated. Hermis Capital would buy out the shares in Vilniaus Vingis at LTL 5.94 per share, or LTL 22.47 million for a 41.47 percent stake in the company. Having purchased 100 percent of former deflection yoke producer, Hermis Capital would liquidate the company. If the shareholder fails to acquire all shares of Vilniaus Vingis, the liquidation procedures would be initiated at the shareholders' meeting.
Lietuvos Rytas

Axis Industries turns to biofuel boiler houses in Ukraine
Axis Industries, Lithuania's industry and energy project developer that is part of Rubicon Group, has turned to the installation of biofuel boiler houses in Ukraine.
The first biofuel boiler house in that country has been arranged at a school. Currently Axis Industries is holding negotiations with Charkov Energoremont concerning the possibilities to adapt a 48 megawatts boiler house for biofuel firing, the Lithuanian group has said in a statement. "We are waiting for political situation to stabilize in that country. We are investigating the market and getting ready for the implementation of larger-scale biofuel projects. We see huge potential for the installation of biofuel boiler houses in Ukraine," Remigijus Baltrusaitis, Axis Industries CEO, said.

Thursday, 26th of July

National Budget in Lithuania
Lithuania's national budget revenues totalled LTL 9.0875 billion in the first half of this year, meeting the revenue target of LTL 9.0873 billion. Total revenues, including LTL 1.591 billion in EU support funds, amounted to LTL 10.679 billion, or 48.2 percent of the projected annual revenues, the Finance Ministry said in a statement. The central government collected LTL 7.703 billion in budget revenues during the six-month period, some LTL 35.6 million above the target. Municipal budget revenues for the period totalled LTL 1.384 billion, or LTL 35.4 million below the target.
Lietuvos Rytas

Alita signs agreement
A consortium of the Lithuanian alcoholic beverage company Alita and the Swedish financial and investment company United Nordic Beverages has signed an agreement to purchase a 51.9 percent stake in the Serbian brewery Beogradska Industrija Piva (BIP). Nordic Beverages-Alita, the consortium, inked the agreement with the Serbian Privatization Agency on July 24. The consortium, in which the Lithuanian company holds an 80 percent interest, is to pay 21.4 million euros for the majority stake in BIP.
Lietuvos Rytas, Respublika

Insurance market grows
The Lithuanian insurance market grew by 39.1 percent in the first half of this year from a year earlier to reach LTL 928.429 million, the Insurance Supervisory Commission reported. The non-life insurance market increased by 27.1 percent year-on-year to LTL 634.916 million, while the life insurance market soared by 74.8 percent to LTL 293.513 million.
Lietuvos Rytas

Wednesday, 25th of July

Airports post numbers
Passenger flow at Lithuania's airports surged by 25.9 percent, year-on-year, to 1.0 million in the first half of 2007. The number of passengers flying to and from Ireland soared by 60.6 percent, to 87,600 of the total flow. The number of passengers to and from Germany surged by 37.8 percent, to 12.6 percent of the total and to and from the United Kingdom - by 9.2 percent, to 163,200 of the total passenger flow in the reporting period, the Statistics Department reported. Passengers on regular flights accounted for 86.2 percent of the total number of passengers serviced by the airports in the first half of 2007, up by 25 percent compared with January-June 2006.

Joint pipeline on the land
Economy ministers of Lithuania, Latvia, Estonia and Poland have sent a joint letter to the European Commission asking for a support to the feasibility study on the gas pipeline that could be built on land instead of the bed of the Baltic Sea. The executors of Nord Stream projects have rejected an alternative to build a gas pipeline through the Baltic countries on grounds of alleged shortage of investments. Meanwhile, environmentalists believe that such a project would be way safer and cheaper.

Eurovaistine reports turnover
Eurovaistines, the largest Lithuania's drugstore chain and Eurovaistines brand drugstores in Latvia, Estonia, Slovakia and the Czech Republic, reported LTL 380 million in consolidated turnover for the first half of 2007, a surge of 34 percent from the year-earlier figure. The drugstore chains in Estonia, Latvia, Czech Republic, Slovakia and Lithuania comprise a group under the management of Lithuania-registered company Euroaphoteca since June.
Verslo Zinios

Tuesday, 24th of July

Polska Grupa Farmaceutyczna buys Limedika
Polska Grupa Farmaceutyczna, the largest Polish pharmaceutical company, is buying 50 percent plus one vote in Lithuania's drugs wholesaler Limedika and in the drugstore chain Gintarine Vaistine. The transactions would not entail any changes in the corporate structure, management or principles of cooperation with customers and partners, the executives of Limedika and Gintarine Vaistine said in a joint statement. The turnover of Limedika made up LTL 266.7 million last year. Gintarine Vaistine, one of key customers of Limedika, reported LTL 81.1 million in sales for full 2006.
Lietuvos Zinios, Verslo Zinios

Vilniaus Furniture posts numbers
Vilniaus Baldai (Vilnius Furniture), one of Lithuania's leading furniture manufacturers, posted LTL 674,000 in net profit for the first half of 2007, a surge of 61 percent from the year-earlier figure of LTL 418,000. The interim profit exceeded the earnings figure projected for full 2007, Vilniaus Baldai said adding that the projections would be revised up in the nearest time. The company's revenues soared by 41 percent to LTL 74.34 million, in the first half of 2007.
Verslo Zinios

Industrial output increases
Lithuanian industrial output grows 1 percent in the first half-year of 2007. Lithuanian industrial output, as measured by sales, increased by one percent in the first half of this year compared with the same period a year ago, the Statistics Department reported. Electricity, gas and water supplies fell by 4.4 percent in the reporting period. The long-term consumption products increased by 4.9 percent, while short-term by 14.7 percent.
Verslo Zinios

Monday, 23rd of July

Chocolate market in Lithuania
Lithuania's chocolate market will grow by approximately 5 percent to some LTL 232 million in 2007, the market researcher Euromonitor International projects.
The company attributed the growth to rising disposable income and higher chocolate prices. By 2012 the national chocolate market would grow by 24 percent, while the prices of chocolate would rise by approximately 12 percent, the researcher said in a statement. Chocolate boxes segment should reach some LTL 100 million this year. The share of chocolate bars should reach LTL 82.5 million, and chocolate sticks - approximately LTL 38.7 million.
Respublika, Verslo Zinios

Lifosa reports numbers
Lithuanian phosphate fertilizer manufacturer Lifosa reported LTL 49.21 million in net profit for the first half of 2007, a surge of 4.4 times from the year-earlier. The company's sales grew year-on-year, to LTL 335.896 million in January-June. The sales of diammonium phosphate, the company's key product, increased by 8 percent.
Verslo Zinios

Dvarcioniu Keramika posts numbers
Dvarcioniu Keramika (Dvarcionys Ceramics), the only manufacturer of ceramic tiles in the Baltics, posted LTL 445,000 in pre-tax earnings in the first half of 2007.The company's losses made up LTL 1.4 million in January-June 2006. Company's sales soared by 32.6 percent in the reporting period, to LTL 32.03 million. Earnings before interest, taxes, deterioration and amortization (EBITDA) surged by 62.1 percent, year-on-year, to LTL 5.22 million, while the EBITDA margin rose to 16.3 percent, from 13.3 percent a year earlier.
Verslo Zinios

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