Good for Business, Lithuania, Markets and Companies, Textile

Utenos Trikotazas AB earned LTL 2.3 million (EUR 0.7 million) of operating profit for the 9 months of 2014, while in the same period in 2013 the Company suffered LTL 0.05 million (EUR 0.02 million) operating loss, the Group said in a press release.

"The improving results of the Company's activity prove that the new strategy of Utenos Trikotazas to polarise towards the manufacturing of higher added value products is accelerating rapidly. The sales and profitability of woollen products and various modifications with added wool are rising exceptionally. Last week, the first ABOUT Baltic Underwear shop was opened in Vilnius; this will help to increase brand awareness and develop the planned business model of the franchise. However, creating innovative materials and finding new clients still remain our top priority", Director General of Utenos Trikotazas AB Gintautas Bareika said.

Utenos Trikotazas Group incurred LTL 4.3 million (EUR 1.2 million) of pre-tax loss for the 9 months of 2014, while in the same period in 2013 the Group incurred LTL 1.5 million (EUR 0.4 million) loss before taxes.