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Lithuania Business News: Archive 2003-

WEEK 31.2007

Saturday, 4th of August

Snaige posts losses
Snaige, the only household refrigerator manufacturer in the Baltics, posted LTL 1.26 million in consolidated losses for first half of this year. Snaige blamed the losses on rising prices for raw materials and energy resources, as well as on the depreciation of the US dollar. Consolidated sales revenue for the first half increased by 42.8 percent year-on-year to LTL 180.4 million. The group exports 25 percent of its products to Ukraine, where payments are made in US dollars.
Lietuvos Rytas

Unemployment rate grows in Lithuania
Unemployment in Lithuania rose to 2.8 percent of the workforce in July.
Year-on-year, the jobless rate declined by 0.2 percentage points. The lowest unemployment rates in July were in the municipalities of Neringa, Birstonas, Rietavas, Kazlu Ruda, Kalvarijos and Pagegiai, while the highest rates were in Vilnius, Kaunas, Klaipeda, Panevezys and Siauliai. The number of jobseekers registered with the Labor Exchange stood at 98,900 as of Aug. 1, of which more than 60,100 had the status of an unemployed person. Some 16,000 persons applied to territorial labour exchange offices in July, 6 percent more than a year ago. The number of job vacancies registered in July increased by one-fourth year-on-year to 22,400.
Lietuvos Zinios

Viciunai fire and losses
Viciunai, one of the biggest frozen fish product manufacturers in the Baltics, suffered around LTL 16 million in damage as a result of a fire at its factory in Plunge, in western Lithuania, in late July. Viciunai Group Chairman Visvaldas Matijosaitis said on Friday, that the 16-million-litas estimate was not final but it should not change significantly. Matijosaitis said that insurers would cover the entire damage caused by the fire within four to five months. He added that the company expected that it would take up to half a year to restore the factory's pre-fire capacity. The Plunge factory, which employs a workforce of 1,500 people, produces various fish products.
Lietuvos Zinios

Friday, 3rd of August

Fear about gas
With Russia threatening to halve its natural gas exports to Belarus from Friday unless the country pays an outstanding gas bill, Vilnius expects that Minsk will not siphon off Russian gas intended for Lithuania.
"The situation is really complicated and quite alarming. I hope that in spite of all of this, out neighbor Belarus will allow the volume of gas supplied to Lithuania to pass through its territory. This is what matters most to us," Prime Minister Gediminas Kirkilas said. A similar standoff between Russia and Belarus in late 2006 raised concerns about a possible reduction in Gazprom's gas supplies to Lithuania which pass through Belarusian territory.
Lietuvos Zinios, Lietuvos Rytas, Respublika, Verslo Zinios

AIBE reports numbers
CBA Aibe, a chain of independent grocery stores in Lithuania and Latvia, said its first-half sales in the two countries rose by 18.7 percent year-on-year to LTL 574.36 million. The Lithuanian retail chain CBA Aibe raised sales by nearly 9 percent to LTL 303.57 million, while Latvia's Aibe posted a 32.5 percent growth in sales to LTL 270.8 million.
Lietuvos Rytas

Project of Lithuanian real estate development association
The companies which belong to Lithuanian Real Estate Development Association are investing more than LTL1.1 million into their employees’ training and teachings. The resources for the project and the teachings were provided by the EU, the support was worth LTL 886 thousand. While LTL 236 thousand came from the Association and its project partners.
Lietuvos Rytas

Thursday, 2nd of August

PZU posts its H1 numbers
The Lithuanian insurance operations of Poland's insurance giant PZU earned LTL 4.97 million in profits in the first half of this year, versus losses of LTL 14.35 million in the same period last year. The non-life insurer PZU Lietuva (PZU Lithuania) ended the first half with a profit of LTL 5.6 million. The life insurer PZU Lietuva Gyvybes Draudimas (PZU Lithuania Life Insurance) losses reached LTL 0.63 million in the red this first half year.
Lietuvos Rytas, Respublika, Verslo Zinios

Apranga reports sales
Apranga, the leading clothing retailer in the Baltics, reported sales of LTL 219.2 million for the first seven months of this year, a rise of 54.1 percent on the same time last year. Apranga on Wednesday also released preliminary consolidated earnings results for the first half, showing pre-tax profits up 72.5 percent year-on-year to LTL 10.7 million.
Lietuvos Rytas, Verslo Zinios

Stumbras owns Lithuanian Vodka trademark
Lithuania's largest strong alcoholic beverage manufacturer Stumbras holds the exclusive right to produce vodka under the name of Lithuanian Vodka. Following a lengthy dispute, the State Patent Bureau (SPB) has announced that it registered the trademark Lithuanian Vodka as property of Stumbras in April. That gives the Kaunas-based company the exclusive right to use this name until December 2014. Stumbras managed to prove that it had been producing vodka under that name for a long time, that the product had won numerous international awards and that the brand was well recognized by consumers. The company said it had invested nearly LTL 20 million in promoting the product in 1996-2005.
Lietuvos Rytas

Wednesday, 1st of August

Invalda earns LTL 15.47 million profit
Lithuanian investment group Invalda said its financial sector operations earned a net profit of LTL 15.47 million in the first half of this year, on revenues of LTL 36.5 million, according to the non audited data. Year-on-year, the first-half net profit increased by 6.7 times, and revenues by 2.5 times.
Respublika, Verslo Zinios

Anyksciu Vynas reports net profit
Lithuanian alcoholic drink producer Anyksciu Vynas (Anyksciai Wine) reported a net profit of LTL 399,000 for the first half of this year, down by LTL 448,000 in the same period last year.First-half sales jumped by 48.5 percent year-on-year to LTL 21.88 million, the company said. The company, which is based in Anyksciai, in eastern Lithuania, exports its products to the foreign countries.
Respublika

Vilniaus Degtine reports numbers
Lithuanian alcoholic beverage producer Vilniaus Degtine, which is controlled by the French group Belvedere, saw its first-half pre-tax profit slump to LTL 612,445 from LTL 3.772 million in the same period last year.
First-half sales revenue dropped by 11 percent year-on-year to LTL 26.35 million. The company said it planned to revamp its product range and launch new products in an effort to raise sales.
Respublika, Lietuvos Rytas

Tuesday, 31st of July

Stumbras is awarded
Original Lithuanian Vodka produced by Stumbras, Lithuania's largest strong alcoholic beverage manufacturer, has been added to the Millionaires Club list of the world's most popular beverage brands. Original Lithuanian Vodka is the first Baltic brand included in the list published by the Drinks International magazine, the Lithuanian company said. The magazine publishes ratings of alcoholic drink brands with annual sales of over 9 million litres. The 2006 Millionaires Club list contains 151 brands, including William Grants, Bacardi, Smirnoff, Absolut, Johnnie Walker, Nemiroff, Metaxa and Jim Beam. Original Lithuanian is the number-one vodka brand in Lithuania with more than a one-third share of the local vodka market, according to the market research company AC Nielsen.
Respublika, Lietuvos Rytas

Lietuvos Energija posts numbers
Lithuania's state-run power transmission grid operator Lietuvos Energija (Lithuanian Energy) posted LTL 33.8 million in consolidated net profits for the first half of this year, up 33.6 percent from LTL 25.3 million a year earlier. The group's EBITDA rose by 2.5 percent over the reporting period to LTL 117.1 million. First-half revenue increased by 20.9 percent to LTL 555.9 million.
Lietuvos Rytas

Construction prices in Lithuania
Construction prices in Lithuania are still increasing. Construction costs increased by 1.6 percent in June versus May. Rising wages and overhead costs, which increased by 3.1 percent, had the biggest impact on the monthly construction price index. Construction prices in Lithuania jumped by 14.3 percent in June compared with the same period a year ago. Month-on-month, residential construction prices rose by 2.1 percent. The constructions of non-residential buildings stood at 44.3 percent in June, while the constructions of residential houses reached 25.5 percent.
Verslo Zinios, Respublika

Monday, 30th of July

Lithuanian Railways report numbers
Lithuanian Railways carried 26 million tons of loads during this half year, it is by 3.3 percent more than last year at the same time, said the Statistics Department. The internal water transportation carried 911,700 of passengers during January and June of this year; it is by 2.1 percent less than last year. Water transportation carried 379,000 tons of cargo and it is by 22.5 percent more than last year during half-year.
Verslo Zinios

Hanner Company intends to establish a new company
Hanner Company intends to establish a company Hanner Bel Invest in Belarus, which would take care of real estate projects. Hanner will control a part of the subsidiary, while other shares will be controlled by some partners from Belarus. The exact amount of the investment is still not clear and is being negotiated. Hanner sold 40 percent of Judzin company shares in Ukraine at the middle of June. Hanner plans to sell the other part of its shares also. The turnover of Hanner stood at LTL 5.44 million during the fist half year of 2007.
Verslo Zinios

Increasing salaries
Lately the growth of salaries in Lithuania and other Eastern countries has exceeded the growing phases of products and services prices. The residents have more free resources, which can be used for investments of return of credits. Due to that people should think carefully how to deal with their money. An article discusses various possibilities how to save and spend money wisely.
Verslo Zinios

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