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International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 12:49

Lithuania's Snaige back in the black

BC, Vilnius, 28.11.2018.Print version
Lithuania's Snaige, the only fridge producer in the Baltic states, owned by the Russian Polair group, went back in the black in the third quarter after suffering a loss in the first half of this year, informed LETA/BNS.

"Although the profit earned in the third quarter does not cover the loss suffered as a result of the rise in raw material prices in the first two quarters of this year, the positive dynamics show that the company’s profitability is gradually recovering," CEO Gediminas Ceika said in a statement.


Snaige posted a consolidated profit of 670,000 euros, which is ten times more than 65,000 euros a year ago. The company suffered a loss of 1.095 mln euros in the first half of this year, o and ended the last year with a consolidated loss of 1.063 mln euros.


Consolidated revenue dropped 12.8% from 30.7 mln to 26.8 mln euros in the first three quarters of this year, from the same period last year. Unconsolidated EBIDTA was up 3% from 1.16 mln to 1.2 mln euros, and consolidated net almost trebled from 244,000 to 709,000 euros, the company said via the Nasdaq Vilnius Stock Exchange.


Sekenora Holdings, a Cyprus-registered company indirectly controlled by Polair, owned 91.1 % of Snaige's shares. Sekenora Holdings's ultimate shareholder is Hymana Holdings.






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