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International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 13:47

Estonian BLRT sees sales fall 14% in 2015

BC, Tallinn, 17.06.2016.Print version
Sales revenue of the Estonian industrial group BLRT Grupp fell by 14% to 353 million euros, EBITDA plummeted 75.9% to 8.5 million euros, and net profit shrank 34% to 6.8 million euros in 2015, informs LETA/BNS.

"The activity of BLRT Grupp companies on target markets and the overall result for 2015 was substantially affected by the fall in oil prices, low ebb in the metalworking industry, and unstable global economic situation, which impacted also net sales. Nonetheless, the group ended the year in profit," CEO Veronika Ivanovskaja said.

 

Spokeswoman Karina Kond told BNS the group's net profit in 2015 was 6.8 million euros, which marks a drop of 34% compared to the year-earlier 10.3 million euros.

 

The decrease in orders and negative price dynamics put the focus on increasing the efficiency of production. The management had to respond promptly and flexibly to changes in the market situation, which in turn helped maintain competitiveness, the company said. Export accounted for 81.3% of sales.

 

The general meeting of shareholders on June 17 approved the audited annual report of the group. Shareholders also approved the supervisory board's proposal to retain distributable profit and to use the retained profit to finance investment projects and top up circulating capital.

 

BLRT Grupp is active in Estonia, Latvia, Lithuania, Finland, Ukraine, Poland and Russia with a workforce of around 4,000.






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