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AB Snaige sales grew by 18 % in the first quarter with EBITDA’s increased of nine times

May 30, 2014

Alytus, Lithuania, 2014-05-30 14:54 CEST (GLOBE NEWSWIRE) -- AB Snaige’s turnover reached 33.6 million litas in the first quarter of this year, according to unaudited consolidated data; which is 18% higher than the turnover of the same period last year. According to Mr Ceika, the Managing director of Snaige, AB, the company managed to maintain sales growth despite a significant decline in exports to Ukraine. "Ukraine is very important for us because it is one of our major markets, and a decrease in sales in this country could be damaging so I am very happy that the we have been able not only to make up the loss suffered in the first quarter in Ukraine by developing sales in other markets but have also experienced steady growth," said Mr Ceika. "For many years, we have worked with more than 30 countries, and we are used to balancing the risky, profitable eastern markets and the stable but less profitable western markets. This strategy has worked very well so far, as can be perfectly demonstrated by the company's performance results for the first quarter". As a result in Q1 the company sold substantially more of its products to France (136% more), Germany (40% more), and the Central Asian countries (51%), compared with the same period last year. A large part of Snaige, AB’s sales portfolio (13%) was devoted to Poland, where the company sells its products to Amica, a large manufacturer of home appliances. Significantly the company's sales also grew in Lithuania, by almost four times compared with the year before. Although it is a small market, the growth is very rewarding showing that the local manufacturer’s products, which are sold worldwide, are also appreciated in its home country. The unconsolidated unaudited EBITDA during the 1st quarter 1 million litas, which is nine times more than during the same period last year. Gediminas Ceika, Managing director, Snaige, AB +370 315 56206 Copyright © 2014 OMX AB (publ).

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Source: OMX

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