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Lithuania Business News: Archive 2003-

WEEK 33.2007

Saturday, 18th of August

Lithuanian railways report numbers
Some 2.5 million passengers travelled by rail in Lithuania in the first half of 2007, down by 17 percent from the year-earlier figure, Transport Ministry reported.
The number of passengers on local rail routes plunged by 22 percent, while the rail passenger flow on international routes increased by 12 percent. The ministry attributed a decline in passenger flow to growing competition with air carriers, as well as to the outdated rail fleet. Last year rail passenger flow in Lithuania declined by 7.9 percent, year-on-year.
Kauno Diena, Lietuvos Rytas

FlyLAL buys one more aircraft
FlyLAL-Lithuanian Airlines, the Lithuanian-equity carrier controlled by FlyLAL Group, has added one more aircraft to its fleet. The company expects to carry several tens of thousands of passengers on board of Boeing 737-300, which it acquired in the US for more than LTL 28 million Boeing 737-300, which is the second plane to be added to FlyLAL-Lithuanian Airlines' fleet this year, is the largest among aircraft in use in Lithuania, the carrier's representatives have said.
Respublika, Lietuvos Rytas

Invalda presents net profit projection
The board of Lithuania's investment company Invalda has approved a revised consolidated net profit projection of LTL 83.5 million for full 2007.
Invalda, quoted on the I-List of Vilnius Stock Exchange (VSE), is investing into real estate, pharmaceuticals, finance, furniture production, road building, IT and hotel management. The companies of Invalda group run businesses in Lithuania, Latvia, Poland, Ukraine and Slovakia.

Friday, 17th of August

Inflation in Lithuania
Lithuania's 12-month average inflation rate, as measured by the EU Harmonized Index of Consumer Prices (HICP), remained above the Maastricht limit for euro adoption in July, data from the EU statistical office Eurostat showed on Thursday.
Lithuania's 12-month average rate stood at 4.5 percent last month, while the Maastricht indicator was 2.6 percent. The average rate in Slovenia, which was the only among the new EU member states to join the euro area on Jan. 1 this year, was 2.8 percent. Estonia, which, like Lithuania, failed to introduce the single currency this year, recorded a 12-month average inflation rate of 5.1 percent.
Lietuvos Zinios, Lietuvos Rytas

Intergas seeks EU backing in its row with Lithuanian government
Lithuanian-owned gas import company Intergas has said it will ask the European Commission to look into whether the Lithuanian government's decision to allow Lietuvos Dujos (Lithuanian Gas) to proceed with the construction of a gas pipeline complies with the EU's directives. Intergas said in a statement on Thursday that it would also ask the EU executive body to look into whether the allocation of financing from the EU's structural funds to Lietuvos Dujos was legitimate.
Lietuvos Rytas

Vilniaus Baldai presents new projections
Vilniaus Baldai (Vilnius Furniture), one of Lithuania's leading furniture manufacturers, has revised full-year net profit projections to LTL 3.5 million and expects its full-year sales to reach LTL 158 million in 2007. New projections were confirmed at the board meeting on Thursday, the furniture maker said in a statement to the Vilnius Stock Exchange (VSE). The company expects its earnings before interest, taxes, deterioration and amortization (EBITDA) to reach LTL 15 million this year. New projections include a LTL 1.44 million one-off gain on assets sale, and a LTL 0.2 million profit to be contributed by Giriu Bizonas. Vilniaus Baldai, which owns 25 percent of Giriu Bizonas, reported LTL 674,000 in net profit for the first half of 2007.
Verslo Zinios

Thursday, 16th of August

Utenos Trikotazas reports net profit
Lithuania's largest knitwear manufacturer Utenos Trikotazas (Utena Knitwear) reported a net profit of LTL 4.299 million for the first half of this year, down from LTL 4.715 million in the same period last year. First-half sales increased to LTL 65.155 million, according to revised first-half performance figures published on Tuesday. Utenos Trikotazas, which exports most of its products to foreign markets, is projecting LTL 9.6 million in consolidated pre-tax profits this year. Sales are forecast to grow to LTL 140.72 million from nearly LTL 124.81 million.
Respublika, Verslo Zinios

Vilkyskiu Pienine reports unconsolidated net profit
Vilkyskiu Pienine (Vilkyskiai Dairy), one of the most technologically advanced cheese producers in Lithuania, reported LTL 1.078 million in unaudited unconsolidated net profit for the first half of 2007, a surge from the year-earlier figure of LTL 34,000. Consolidated net profit, which includes the results of Modest subsidiary, made up LTL 975,000 in January-June. Consolidated interim revenues grew by 27 percent, year-on-year, to LTL 56.295 million, the dairy said in a statement.
Respublika, Verslo Zinios

FlyLAL reports losses
FlyLAL-Lithuanian Airlines reported losses of LTL 6.9 million for the first half of this year, down from losses of LTL 17.9 million in the same period last year.
The airline posted a net profit of LTL 320,000 for June, compared with a loss of LTL 72,000 in the same month last year. Its operating profit for June came in at 610,000, versus an operating loss of 200,000 a year earlier.
Lietuvos Rytas, Verslo Zinios

Tuesday, 14th of August

Alita reports numbers
Alita, the largest Lithuania's alcohol producer, reported LTL 3.993 million in consolidated net profit for the first half of 2007, down from the year-earlier figure of LTL 4.559 million. Interim sales soared, to LTL 77.548 million, from LTL 58.437 million in January-June 2006, the company said in a results statement to the Vilnius Stock Exchange (VSE).

Mazeikiu Nafta posts losses
Lithuanian oil refinery Mazeikiu Nafta (Mazeikiai Oil), which is controlled by Poland's PKN Orlen, posted a consolidated net loss of LTL 50.6 million for the first half of this year. The company swung to a consolidated net profit of LTL 84.360 million in the second quarter. "We continue to feel the effects of last year's fire," Mazeikiu Nafta CEO Marek Mroczkowski said in a statement. However, intensive work to restore the refinery's pre-fire capacity and the start of modernization give ground for an optimistic outlook for the future, he added.
Respublika, Lietuvos Rytas, Verslo Zinios

Beer market decreases
The Lithuanian beer market shrank by 3.1 percent, to 155.86 million litres, in the first seven months of 2007 compared with the year-earlier figure of 160.83 million litres.
In July alone, the market plunged by 18.1 percent, year-on-year, to 26.49 million litres, from 32.35 million litres in July 2006, the Lithuanian Brewers' Association reported. Audrius Vidzys, the association's president, says that the association believes that Lithuanian market is stable in the longer term. It hopes that the losses of July would be offset in August, and full-year sales will be similar to those of last year.
Kauno Diena, Lietuvos Rytas

Monday, 13th of August

Ukio Bankas profit
Unaudited net profit of Ukio Bankas, the fast-growing Lithuania's commercial bank, totalled LTL 55.4 million in the first seven months of 2007 which is up by 2.7 times from the year-earlier figure, the bank said in an earnings statement to the Vilnius Stock Exchange (VSE). Ukio Bankas has got 12 subsidiaries in Lithuania at the moment and 37 clients servicing offices.
Respublika, Verslo Zinios

Spekas and Ko reports numbers of H1
Lithuania's Spekas ir Ko, a representative of Italian furniture and kitchen equipment manufacturers, said its first-half sales revenue more than doubled to LTL 8.32 million from LTL 3.86 million a year earlier. A third of the revenue, LTL 2.9 million, came from Italian furniture and kitchen equipment sales in Kazakhstan, the company said. Spekas ir Ko Director Fulvio Cancelli said that the company expects continued strong growth in Lithuania as well, amid rising demand for its products both from individual and large companies. The company currently represents more than 40 Italian manufacturers, including Poltrona Frau, Flexform, Flou, Misura Emme and others. Verslo Zinios

Investments in Lithuania
Aggregate assets of Lithuania-based collective investment undertakings reached LTL 995 million as of late June, a rise of 20 percent from late 2006, the Securities Commission reported. As of late June, the largest share of the assets was invested in the Lithuanian and Russian securities markets, LTL 229.5 million and LTL 164.9 million, respectively. The markets of Luxembourg and Estonia also attracted significant shares of investment, LTL 72 million and LTL 45.9 million, respectively. The total number of investors participating in collective investment undertakings surged by 41 percent, compared with late December, to reach 27,800 as of late June. Two leading investment managers - Finasta Investiciju Valdymas and SEB VB Investiciju Valdymas - accounted for 83 percent of all participants.
Verslo Zinios

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