News Column

AB Snaige remains profitable in the 1st half despite of recent events in Ukraine

August 29, 2014

Alytus, Lithuania, 2014-08-29 15:14 CEST (GLOBE NEWSWIRE) -- AB Snaige, achieved an EBITDA of LTL 3.3 million as in the first half of 2014 despite turnover was LTL 74.4 million (according to unaudited consolidated financial results) caused by the dramatic events in Ukraine. This is a reduction in sales of 18% compared to the previous year. According to Gediminas Ceika, Director-General of AB Snaige, the result was driven by decreased sales in the Ukrainian market. "Ukraine is one of the largest and most profitable markets for us," said Mr Ceika. "We were only partially able to compensate for the loss sales in Ukraine in our other markets." The company‘s efforts to maintain stable sales via increases in other markets were very effective with sales increasing by 3 times in Portugal, sales up by 71% in Central Asia, in Poland by 52%, and in Germany by 6% compared to the previous year. Mr Ceika was particularly pleased by growth in the Lithuanian market. "During the first half of the year AB Snaige's sales grew by 74% compared with the previous year," stated Mr Ceika. "I am very glad that Lithuanians choose Lithuanian refrigerators more often" In the first half of the year the Company also introduced its newest product, the A+++ energy class refrigerator that is the most economical class of refrigerator consuming very little electricity. Despite the decline in sales in the strategic market, Snaige, AB remained profitable, and in the 1st half of this year consolidated unaudited profit amounted to LTL 24 thousand. Managing director Gediminas Ceika +370 315 56206 Copyright © 2014 OMX AB (publ).

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Source: OMX

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