OREANDA-NEWS. September 02, 2011. Referring to the unaudited data, during six months of 2011 the Group of Panevezio statybos trestas AB (PST) was on the income of 99.3 mln. Litas (28.7 mln. EUR), that is by 17.5 per cents more than last year. The first half of the year 2011 was loss-making for the group. The before tax loss amounted 1.8 mln. Litas (0.5 mln. EUR) for the six months of the year. The company was on the income of 70.4 mln. Litas (20.4 EUR) and incurred before tax loss in the amount of 0.532 mln. Litas (0.154 mln. EUR) for the first half of the year.

“The first half of the year 2011 was not successful,” says the Finance Director Dalia Bernotaitiene. “Due to rise of construction prices in 2009 and 2010, in the first half of 2011 the company had additional costs related to completion of projects financed from the EU funds because current construction prices differ from the ones that had been used in the tender when contracts were awarded. Furthermore, the following additional expenses incurred by the Company had effect on the negative result:

- when participating in tenders both in private and public sectors due to tender postponements, claims, suspension of awarded contracts in case of absence of financing;

 - due to request of excess security measures (bonds) by purchasing organizations (customers), payment terms unfavorable to the company.

Maintenance of the real estate development company contributed to increase of the loss incurred by the group though it had no income during the first half of 2011. However, the management of PST believes that the second half of the year will be better than the first one and the group will succeed in finishing the year without any loss.”

Panevezio statybos trestas AB is one of the largest construction companies in Lithuania. The company is certified in accordance with the requirements of international quality, environmental, occupational health and safety management systems. In the year 2007 PST won the National Quality Award for the company policy and strategy, and also management, control of processes and resources, satisfaction of customers’, consumers’ and employees’ needs, etc.

PST won the medals of “Product of the Year” for the construction of Sports Arena in Siauliai in 2007, Combined Cycle Power Plant in Panevezys in 2008, Sports Arena in Panevezys in 2009 and Taurage Waste Water Treatment Plant in 2010.