Baltic Export, Good for Business, Lithuania, Markets and Companies

"With some of our key markets affected in the short term by the economic downturn this has been an excellent result" – said CEO Gediminas Ceika.

According to Ceika these results was achieved by a focus in the main on the more profitable Baltic and Eastern markets with particular success in Ukraine where sales were ahead by 36% compared with the previous year for the same period. "However, the company also had a successful result from selected western markets and in particular in Germany where sales increased by 30%, partly helped by sales to a new customer Bomann, which is famous home appliance brand in Germany", he said.

Also in Q1 Snaige gained the first benefits of the link with Russian industrial refrigerators producer Polair. With the help of Polair the company produced and sold 3,600 units of commercial refrigerators, which is double compared at the same period last year. In the second and third quarter of this year, Snaige is preparing to deliver updated series of SnaigeIce Logic refrigerators to maximize its results. These new products have a refreshed internal design and new technologies such as dynamic cooling system, zero zone, and the electronic control which company believes it will delight its consumers, writes LETA/ELTA.

Finally, during Q1 Snaige refinanced its short term loan portfolio onto long-term loans with the aim of maximizing the benefits from the loan portfolio. Unaudited unconsolidated EBITDA profit of the company in the first quarter of 2012 exceeded the LTL 583,000 (EUR 169,000).