OREANDA-NEWS. July 29, 2011. According to the unaudited non-consolidated data, during the I half-year 2011, Snaige AB achieved turnover in the amount of LTL 56.2 million, i.e. by 19 per cent more than in the same period of the last year, when the unaudited non-consolidated turnover amounted to LTL 47.2 million. Within the first half-year the company incurred LTL 0.7 million of total unaudited non-consolidated loss, i.e. almost by 5 times lower than during the same period last year.

According to Gediminas Ceika, AB Snaige CEO, during the first half-year this year the company succeeded to manage the impact of rising costs of raw material and material on the company’s results. Decreasing sales in the West markets were compensated by increasing sales of Snaige AB in the East.

“A consolidated result of the company is worsened by a non-operating factory in Kaliningrad”, states G.Ceika. G.Ceika is concerned about the low consumption not only in the euro area, but also in Lithuania and Ukraine. “Within the I quarter this year sales of Snaige AB grew by 30 per cent. During the II quarter – only by 10 per cent comparing with the same periods last year. These tendencies can remain till the end of the year”, said G.Ceika. “I think that not only Snaige AB, but also the majority of enterprises will not be satisfied with the significantly recovered sales this year. Contrary to initial expectations: the growth of consumption is slowing, while in some markets it is even decreasing.”

According to the unaudited non-consolidated data EBITDA of Snaige AB for I half-year of 2011 amounted to LTL 4.2 million, i.e. almost doubled the number carried out the previous year, when non-consolidated unaudited EBITDA comprised LTL 2.2 million.

A consolidated non-audited loss of Snaige AB was LTL 2.2 million. Consolidated non-audited turnover of the company totaled LTL 54.4 million, while consolidated unaudited EBITDA was LTL 3.4 million.