OREANDA-NEWS. May 24, 2012. Invalda, one of the largest investment companies in Lithuania, earned unaudited consolidated net profit of 16.6 million litas attributable to the parent company in the first quarter. This is 2.5 times more than in the first quarter of 2011 when the profit was 6.7 million litas.

„The increase of the profit was caused by higher share prices of Trakcja-Tiltra and good results of Vilniaus Baldai “- said Dalius Kaziunas, the President of Invalda AB.

According to him, Invalda group which is actively looking for new investment opportunities did not realize any significant acquisitions in the beginning of this year. 2 million litas was earned after the completion of sale of stake in Umega in the first quarter.

Furniture manufacturing sector

The furniture manufacturing sector, where Invalda controls 72 percent stake in the largest Lithuanian furniture manufacturing company Vilniaus Baldai earned 4.4 million litas for Invalda, i.e. 10.2 percent less than in January-March of 2011 (4.9 million litas). The consolidated sales of Vilniaus Baldai grew by 3.5 percent to 58.5 million litas, EBITDA decreased by 8 percent till 8.5 million litas and net profit decreased by11 percent till 6.1 million litas.

„The results were influenced by higher prices of raw materials. However, the company continues to enhance productivity, and we are satisfied with its achievements“- said D. Kaziыnas.

The shareholders of Vilniaus baldai decided to allocate 39 million litas for dividends, 28 million litas of this amount will be paid to Invalda.