News Column

GRIGISKES AB: Group’s profit grew twice in the first half of 2014

July 29, 2014

Vilnius, Lithuania, 2014-07-29 12:55 CEST (GLOBE NEWSWIRE) -- During the first half of 2014, the Group consisting of GRIGISKES AB, Baltwood UAB, Klaipedos kartonas AB, Mena Pak PAT, and Klaipeda recycling UAB achieved consolidate sales turnover of LTL 175.3 million (EUR 50.8 million). That is LTL 19 million (EUR 5.5 million) or 12.1% more than during the first half of 2013. During the same period, the Company's sales amounted to LTL 81.1 million (EUR 23.5 million), which is LTL 13.2 million (EUR 3.8 million) or 19.5% more than in the same period last year. During the reporting period, the Group earned LTL 10.9 million (EUR 3.2 million) profit before taxes, which is LTL 6.2 million (EUR 1.8 million) or 2.3 times more than in the same period last year. During the six months of 2014, the Company earned LTL 4.8 million (EUR 1.4 million) profit before taxes, which is LTL 1.6 million (EUR 0.5 million) or 51.7% more than in the same period last year. “Group's and Company's performance indicators are improving steadily and not accidentally, they are determined by ourselves in implementing our planned strategy. Active sale operations combined with risk rating and risk management instruments result in expanding sales. Sales growth is enabled by well-measured investments of the previous years into new production facilities and renovation of existing. Profitability is increased by raising labor productivity and investing in technologies designed to reduce the costs. Recently, main resources of the Group were focused on three major projects. Two of them were projects of new biofuel boilers construction in Vilnius and Klaipeda. Klaipedos kartonas AB has already successfully started to operate its new biofuel boiler, and already counts benefit of replacing natural gas to biofuel. The biofuel boiler in GRIGISKES AB is also on its way to finish - it already produces heat. The third project mentioned above is construction of a new paper machine. After signing a contract with equipment vendor in the middle of 2013, we plan to start operate a new paper producing line in the end of 2014", - comments G.Pangonis, President and Chairman of the Board of GRIGISKES AB. Gintautas Pangonis President of GRIGISKES AB (+370-5) 243 58 01 Copyright © 2014 OMX AB (publ).

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Source: OMX

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