Construction, Lithuania, Real Estate

Referring to the unaudited data, the company's pre-tax profit amounted to 19.8 million litas in the first six months of this year.

The company PST itself earned income in amount of 72.8 mmillion litas and made profit before tax in amount of 8.6 million litas, writes LETA/ELTA.

"The parent company of PST achieved a fairly high percentage of profitability by not only recovering receivable debts in the amount of 3.6 million litas. Litas considered doubtful in 2009 but also by successful execution of works on sites: CCGT Project at the Lithuanian Power Plant in Elektrënai, Water Supply and Waste Water Infrastructure Development in Siauliai, Construction of Waste Water Treatment Plant in Taurage", says the Finance Director Dale Bernotaitiene.

In the first half of 2010 PST Investicijos UAB lost control in two companies: Geluzes Projektai UAB (sold) and Smiltynu Kalvos (bankruptcy proceedings initiated).

As in the Consolidated Statement the real estate projects had been assessed up to net realisable value in the previous years, after losing their control the profit amounting 10 million litas was reflected in the Profit (Loss) Statement and this increased the profit of Company Group.

Panevezio Statybos Trestas is one of the largest construction companies in Lithuania. The company is certified in accordance with the requirements of international quality, environmental, occupational health and safety management systems. In the year 2007 PST won the National Quality Award for the company policy and strategy, and also management, control of processes and resources, satisfaction of customers', consumers' and employees' needs.

PST was awarded the medals of "Product of the Year" for the construction of Sports Arena in Siauliai in 2007, Combined Cycle Power Plant in Panevezys in 2008 and Panevezys Multifunctional Sports Arena CIDO ARENA in 2009.