Baltic Export, Foodstuff, Lithuania, Markets and Companies

Gintaras Bertasius, the company’s CEO and its largest single shareholder, attributed the decline to a fall in product prices in import markets and said that full-year sales in 2016 should not decrease.

“Prices in the dairy industry are rather low all around the world now… This decline started last spring and will definitely continue some more time – six months or less, or more, but definitely not a month or two… I think that supply glut will continue until we see a decline in global milk volumes,” he told BNS.

According to Bertasius, the first signs of improvement can already be seen, such as an approximately 4% decline in milk supply in New Zealand and Oceania early this year.

“As compared to last year, I really don’t see any problems here – there’ll be no general decline. Prices were low last year but our sales volumes were almost identical to 2014… I think that, taking the year [2016] as a whole, our turnover will definitely not decrease. And its growth will fully depend on when there’ll be recovery,” he said.

Bertasius owns 51% of shares in Vilkyskiu Pienine, which is quoted on the blue-chip Main List of the NASDAQ OMX Vilnius Stock Exchange.