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Thursday, 28.03.2024, 12:49
Lithuania's Snaige back in the black
"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.