Share Name Share Symbol Market Type Share ISIN Share Description
Snaige NEX:LT0000109274-LTL NEX Common Stock LT0000109274
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AB SNAIGĖ I quarter sales - more profitable

31/05/2019 3:42pm

GlobeNewswire Inc.


Snaige (NEX:LT0000109274-LTL)
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6 Months : From Apr 2019 to Oct 2019

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AB SNAIGĖ I quarter sales - more profitable

According to unaudited consolidated data, AB Snaigė reached a turnover of EUR 6.7 million in the I quarter of 2019, i.e. 12 percent lower than the same period last year. Despite lower unaudited consolidated I quarter turnover, the company's profitability increased 1.5 times. Inreased profitability also had positive effect to EBITDA, which was negative (EUR -92 thousand), but significantly better than in the same period last year (loss of EUR 291 thousand).

According to Gediminas Čeika, General Manager of AB Snaigė, the results of the first quarter show that the company's profitability is gradually returning to the usual track. "We have experienced the price scissors that have arisen between 2017-2018 with rising commodity prices and unrivalled sales prices, so the relatively high profitability in the I quarter is optimistic," said Čeika. “This year we will continue to promote profitable sales, optimize production, and increase productivity. However, the most important project of the company in 2019 is diversification of the product portfolio and preparation of a new product line for serial production.”

Gediminas Čeika, Snaigė, AB CEO

+370 315 56206

Attachment

  • Snaige interim financial statements 3 months 2019 with confirmation

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