Lithuania, Markets and Companies, Textile

The company earned 1.4 million litas of profit on regular operations and 600,000 litas in net profit through January-September; and in the same period in 2008 Utenos Trikotazas incurred three million litas loss on regular operations and net loss amounting to 4.8 million litas, reports ELTA/LETA.

Consolidated Group sales for the nine months of 2009 reached 54.5 million litas, 34% less, year-on-year.

Utenos Trikotazas' company sales for the third quarter of 2009 reached 13.1 million litas, which was 32% less than in the same period in 2008.

The company earned 7,000 litas in profit from ordinary operations and 89,000 litas in net profit; in the same period in 2008 the enterprise incurred 700,000 litas loss from regular operations and net loss of 1.2 million litas.

Consolidated group sales for the third quarter of 2009 reached 15.1 million litas, and accordingly were by 35% less than in the same period last year. The Group incurred 200,000 profit from regular operations and net loss of 1.9 million litas.

The consolidated Group results in the third quarter of this year were negatively impacted by Ukraine currency exchange rate (UAH) deprecation.

"This year results show that the changes implemented in the second half of 2008 delivered the expected results. Effective management, increased productivity, strict cost control has significantly improved the company operating performance. Regrettably, the markets have been declining through the year and we look forward for the sales recovery next year. Nevertheless, we are satisfied by the EBITDA level we have achieved", the General Manager of Utenos Trikotazas Nerijus Vilunas said.