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AB Utenos Trikotazas earned LTL 0.2 million (EUR 0.1 million) of operating profit for the first half of 2014, as in the same period in 2013 the company incurred LTL 1.5 million (EUR 0.4 million) operating loss, AB Utenos Trikotazas said in a statement.

"The increase of profitability is one of the major tasks for the Company. By changing strategy, we purposely rejected part of the orders as to turn ourselves to manufacturing of higher value added production. The fact that the group earned more operating profit during the first half of the current year compared to the first six months of previous year shows we have chosen the right path," AB Utenos Trikotazas director general Gintautas Bareika said.

The consolidated group results (precisely financial activity) were negatively impacted by LTL 6.4 million (EUR 1.8 million) in the first half of 2014 due to Ukraine currency exchange rate (UAH) fluctuation due to the political situation in Ukraine, as in the same period in 2013 the foreign exchange influence was positive and reached LTL 0.1 million (EUR 0.04 million). It is important to note, that it virtually had no effect on the company or group cash flows.

Mainly due to the reason above, the group incurred LTL 6.4 million (EUR 1.9 million) of pre-tax loss for the first half of 2014, as in the same period in 2013 the Group incurred LTL 1.9 million (EUR 0.6 million) loss before taxes. AB Utenos Trikotazas incurred LTL 1.0 million (EUR 0.3 million) of pre-tax loss for the first half of 2014, as in the same period in 2013 incurred LTL 2.6 million (EUR 0.8 million) loss before taxes.