International Internet Magazine. Baltic States news & analytics
Wednesday, 19.06.2013, 19:50
More than half issuers in Lithuania ended 2011 at profit
Last year, the income of issuers amounted to LTL 12.9 billion (EUR 3.7 billion) or one-tenth above the figure a year ago. The income of twenty one companies increased, the Bank of Lithuania reported, writes LETA/ELTA.
"Audited reports suggest that the previous year was quite successful for most issuers. While slightly fewer companies recorded profits in their operations than a year ago and the number of companies which operated at a loss increased, the net profits of companies which operated at a profit increased quite markedly, while the losses of companies which earned no profit were lower", Vaidas Cibas from the Bank of Lithuania's Supervision Service said.
Last year, ten issuers increased their net profits with the most pronounced increases recorded by Sanitas and Invalda (triple). The profits of eleven companies were lower. The most sizeable decline in net profits over 2011 was recorded by Lietuvos Energija, from LTL 84.8 million to LTL 1.5 million (from EUR 24.6 million to EUR 435,000).
Four companies which sustained losses in 2010 recorded losses at the end of 2011 as well, however these were less substantial. The company group Alita was the most successful in reducing its losses from LTL 81.7 million to LTL 3.8 million (from EUR 23.7 million to EUR 1.1 million)
A total of ten companies finished the year 2011 operating at a loss amounting to LTL 173.3 million (EUR 50.2 million), which declined by 26% year on year, although the number of companies which operated at a loss increased by 11%. Five companies incurred heavier losses last year and one company whose operations were profitable in 2010 ended the year 2011 at a loss.
The income within the telecommunications and the health care sectors declined in 2011 year on year, by .3% and 2% respectively. All other sectors recorded income increases with the most pronounced ones within the consumer services and the basic materials sectors (by 35% and 25% respectively). LESTO earned the highest income in 2011 – LTL 2.25 billion (EUR 0.65 billion) or 17.4% of the total income earned by all companies.