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Lithuania Business News: Archive 2003-

WEEK 32.2007

Saturday, 11th of August

Panevezio Statybos Trestas reports numbers
Panevezio Statybos Trestas (PST), the leading Lithuania's construction group, reported LTL 17.3 million in net profit for the first half of 2007, a surge from the year-earlier figure of LTL 3.7 million. The turnover of the group soared by 2.5 times, year-on-year, to LTL 281 million in the reporting period, the group said in a results statement to the Vilnius Stock Exchange (VSE).

Cilija posts consolidated sales
Cilija, the operator of public catering chain in Lithuania, Latvia, Ukraine, Poland and Romania, reported LTL 73.26 million in consolidated sales (ex VAT) for the first half of 2007, a surge of 33 percent from the year-earlier figure of LTL 54.95 million. In Lithuania alone, the sales of the chain, which includes Cili pizza houses and other restaurants, rose by one-fifth, to LTL 54.36 million, Cilija said in a statement.

Lithuanian central government collects LTL 1507.7 million
The Lithuanian central government collected LTL 1507.7 million in budget revenues in July, exceeding its revenue target for the month by LTL 10.4 million, the Finance Ministry reported. Total revenues, including LTL 188.9 million in EU assistance funds, amounted to LTL 1696.6 million last month. The 2007 central government budget projects annual revenues of LTL 19213.9 million, including LTL 3086 million in EU funds. Respublika

Friday, 10th of August

L.I.O.N. Gerimai posts sales
L.I.O.N. Gerimai, the Lithuanian subsidiary of Latvia's L.I.O.N. & Ko, posted sales of LTL 13.5 million for the first half of this year, a rise of 19 percent from LTL 11.26 million in the same period last year.
Lietuvos Rytas

Lithuanian general government debt in the second quarter
Lithuania's general government debt in the second quarter compared with the first quarter to reach LTL 15.02 billion, accounting for 16.3 percent of this year's projected GDP, the Finance Ministry reported. As of late June, central government debt amounted to LTL 14.3 billion, local government debt to LTL 688.5 million, and social insurance funds' debt to LTL 35.7 million. Domestic debt stood at LTL 5.27 billion, representing 35.1 percent of the total debt. Foreign debt reached LTL 9.75 billion at the end of June, or 64.9 percent of the total debt.
Verslo Zinios

Twelve-month inflation rate in Lithuania
Lithuania's average twelve-month inflation rate, as measured by the EU Harmonized Index of Consumer Prices (HICP), hit 4.5 percent in July, the Statistics Department reported. Annual inflation, i.e. compared with July 2006, made up 5.1 percent. Compared with June, consumer prices in the country edged up by 0.6 percent last month, the department said. The twelve-month average and monthly inflation rates as measured by HICP exceeded the rates estimated under national standards by 0.1-percentage point each, while the annual inflation rate as measured by HICP coincided with the national standards' rate.
Verslo Zinios

Thursday, 9th of August

Sanitas reports consolidated sales
Lithuanian pharmaceutical producer Sanitas, which also owns pharmaceutical plants in Poland and Slovakia, reported consolidated sales of LTL 194.986 million for the first seven months of this year, up from LTL 56.235 million a year earlier.
The group's consolidated sales for July soared to LTL 24.641 million; it increased by almost 2.5 times since July when it stood at LTL 10.070 million.

Consumer prices rise in Lithuania by 0.7 percent
Consumer prices in Lithuania rose by 0.7 percent in July compared with June, the Statistics Department reported. Prices of consumers’ goods rose by 0.4 percent in July compared with June, while prices of consumer services jumped by 1.6 percent.
The average 12-month inflation rate was 4.4 percent, and the annual inflation rate was 5.1 percent.
Respublika, Lietuvos Zinios, Verslo Zinios

Lietuvos Draudimas presents numbers
Lithuania's largest non-life insurance company Lietuvos Draudimas (Lithuanian Insurance) said its first-half net profit soared to LTL 24.7 million this year, from LTL 1.4 million in the same period last year. "The good profit results were due mainly to the implementation of the company's efficiency enhancement program, its professional risk management and detailed customer segmentation," Lietuvos Draudimas CEO Kestutis Serpytis said in a statement. He said a six-fold increase in first-half investment earnings, to LTL 4.3 million from LTL 0.7 million, had also contributed to the growth. Insurance premiums written rose by 36 percent year-on-year to LTL 224 million.
Verslo Zinios

Wednesday, 8th of August

Rimi Lietuva reports sales
Rimi Lietuva, the operator of one of the largest Lithuania's retail chains, reported LTL 479.2 million in sales for the first seven months of 2007, a rise of 31 percent versus the year-earlier figure. In July alone, the sales rose by 22 percent, year-on-year, to LTL 70.8 million, Rimi Lietuva said in a statement. Seven-month sales of Rimi Baltic group increased by 21 percent, to LTL 2.25 billion.
Respublika, Lietuvos Rytas

Lukoil Baltija posts almost LTL 1 billion in sales
Lukoil Baltija, the operator of the largest Lithuania's chain of gas stations, posted LTL 921.45 million in sales for the first half of 2007, a rise of 19.3 percent versus the year-earlier figure of LTL 772.3 million. In Lithuania, Lukoil Baltija currently runs a chain of 116 gas stations. The company earlier announced it would plough at least LTL 40 million into the construction of new gas stations and upgrade of existing ones in 2007. Respublika

BMS reports sales
BMS, one the leading computer equipment retailers in Lithuania, reported sales of LTL 78.7 million for the first half of this year, up 49 percent from LTL 52.8 million a year earlier. The company's director, Arturas Afanasenka, said that such jump of the turnover was influenced after BMS Megapolis shops network was developed and the marketing campaigns were successfully implemented.
Lietuvos Rytas, Verslo Zinio

Tuesday, 7th of August

Lithuanian Radio and Television reports numbers
Public broadcaster Lithuanian Radio and Television (LRT) trimmed losses by 17.1 percent last year, to LTL 1.25 million from LTL 1.51 million in 2005. LRT's revenues on commercial activities surged by 25.9 percent, to LTL 24.86 million, and comprised 36 percent of full-year revenues of the broadcaster. Revenues on advertising came in at LTL 21.09 million, rent of premises – LTL 1.18 million, lease of studies and equipment – LTL 848,600, programs broadcasting – LTL 714,300, interactive services – LTL 196,300, sales of radio and television products – LTL 186,400. State subsidies grew by 8.5 percent, year-on-year, to LTL 42.3 million. Yet, Lithuania's national broadcaster was the least financed across Europe, LRT pointed out in the statement.
Kauno Diena

Alytaus Tekstile posts losses
Alytaus Tekstile (Alytus Textile), crumbling Lithuania's cotton textiles producer, reported LTL 7.5 million in unaudited losses for the first half of 2007, up by 3.9 times. Interim sales shrank by 2.2 times, year-on-year, to LTL 15.9 million, the company said in a results statement to the Vilnius Stock Exchange (VSE). Alytaus Tekstile declared itself bankrupt in mid-July. The company owes some LTL 1.4 million in unpaid wages to employees and about LTL 42.2 million to other creditors.
Kauno Diena, Respublika, Lietuvos Rytas

Pieno Zvaigzde reports numbers
Pieno Zvaigzdes, one of the largest dairy producers in Lithuania, reported a net profit of LTL 9.5 million for the first half of this year, a rise of 31 percent from LTL 7.3 million a year earlier. Sales revenue for the first half jumped by 24.5 percent year-on-year to LTL 309.7 million. Exports reached LTL 145.8 million, accounting for 47 percent of the total revenue, the company said.
Respublika, Lietuvos Rytas, Verslo Zinios

Monday, 6th of August
Kokteil Bleizer prohibited in Lithuania
Vilnius City State Food and Veterinary Department prohibited selling 360 litres of beer cocktail Kokteil Bleizer with a taste of mandarins. According to the research made by the Department, the alcoholic strength of the cocktail was 8.87 percent, while the tag on the cocktail showed only 8 percent. The cocktail is produced by Russian company Rudo-Akva and imported by Vienas Pasaulis. The officials will safely destroy the imported production or will return it to producers.

New company Siaurine Zvaigzde established
The head of MG Valda Mikas Rimantas became the head of the company Siaurine Zvaigzde. Rimantas said that the company Siaurine Zvaigzde was created to manage the project in Vilnius, where MG Valda is building a complex of bureaus. He did not reveal the amount of investments yet. The project is being implemented in Ulonai Street in a lot of 1 hectare. The total area of the complex will reach approximately 18,000 square metres. According to MG Valda, the complex will consist from one B+ class building for offices and another one will be meant for residential house with car parking lot.
Verslo Zinios

The number of people registered in labor market
Lithuanian labour market registered 110.4 thousand of people looking for jobs this year; 60.1 thousand among them has the status of unemployed. 9.1 thousand of registered unemployed people were sent to active labour market places in July. It is by 4.7 percent more than in June. 6.1 thousand of people were employed in public works, almost 1.5 thousand of people have chosen vocational training, 0.3 thousand chose the non-formal education programs.

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