EU – Baltic States, Lithuania, Markets and Companies, Retail

The group's net loss jumped 5.1 times to 2.827 mln euros in the fiscal year starting in April and ending in March, according to its 2017/18 report submitted to the Lithuanian Center of Registers.

"The group changed its expansion strategy in 2017 and started cutting prices at the expense of general profitability to promote expansion. On the other hand, the group continues to invest into cost-effectiveness through the centralization and automation of many processes. It will step up the group's competitiveness and consolidate its strategic position on the market," the Pigu report states.

The groups' loss before interest, taxes, depreciation and amortization (EBITDA) stood at 2.149 mln euros last year, compared to a profit of 271,000 euros a year earlier.

The Pigu group consists of Pigu, a company operating online shops in the Baltic countries, Latvia's Pigu Latvia and Estonia's DLB Trading, as well as Lithuania's Tunevla, which provides advertising services.