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International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 14:14

Snaige turnover made EUR 21.5 mln in H1

BC, Vilnius, 01.09.2014.Print version
AB Snaige, engaged in manufacture and sales of refrigerators and freezers, achieved an EBITDA of LTL 3.3 million (EUR 955 thousand) as in the first half of 2014 despite LTL 74.4 million (EUR 21.5 million) turnover (according to unaudited consolidated financial results) caused by the dramatic events in Ukraine, informs LETA/ELTA.

This is a reduction in sales of 18% compared to the previous year, the company said.

 

According to Gediminas Ceika, Director-General of AB Snaige, the result was driven by decreased sales in the Ukrainian market. "Ukraine is one of the largest and most profitable markets for us," said Ceika. "We were only partially able to compensate for the loss sales in Ukraine in our other markets."

 

The company's efforts to maintain stable sales via increases in other markets were very effective with sales increasing by 3 times in Portugal, sales up by 71% in Central Asia, in Poland by 52%, and in Germany by 6% compared to the previous year. Ceika was particularly pleased by growth in the Lithuanian market. "During the first half of the year AB Snaige's sales grew by 74% compared with the previous year," stated Ceika, "I am very glad that Lithuanians choose Lithuanian refrigerators more often".

 

In the first half of the year the Company also introduced its newest product, the A+++ energy class refrigerator that is the most economical class of refrigerator consuming very little electricity.

 

Despite the decline in sales in the strategic market, Snaige, AB remained profitable, and in the 1st half of this year consolidated unaudited profit amounted to LTL 24 thousand (EUR 7 thousand).






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