Analytics, Financial Services, Good for Business, Lithuania

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 labour 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," says Gintautas Pangonis, President and Chairman of the Board of GRIGISKES AB.