In the third quarter of this year Invalda group earned 19 mLTL net consolidated profit, however through nine months the group suffered 51.5 mLTL losses. In the third quarter of 2008 the group suffered 3.25 mLTL losses and in January- September of 2008 the group gained 41.5 mLTL net profit.
The positive results of the third quarter of 2009 were caused by profitable road construction, pharmacy, furniture manufacturing companies’ activity and successful sale of financial sector. The biggest influence to January- September of 2009 losses had 53.1 mLTL allowances which were made to cover possible losses in the real estate sector.
“The third quarter was quite successful. The biggest part of the profit our companies gain abroad, therefore they are more independent from the Lithuanian economy”, – Darius Sulnis, the president of Invalda, stated.
He informed that as every year the evaluation of the investment property is going to be performed at the end of this year. “It is obvious that the value of the real estate decreased during this year and so we are expecting losses because of the property reappraisal”, – stated D. Sulnis.
According to him key attention was paid to reduction of liabilities. From the beginning of his year all liabilities of Invalda decreased by 186.9 mLTL and Invalda separately – 113.2 mLTL.
Furniture manufacturing sector earned 6.4 mLTL profit for Invalda shareholders, pharmacy sector – 1.9 mLTL, financial sector – 6.1 mLTL (including the profit that was gained by selling the companies from financial sector in the third quarter of this year). Meanwhile the real estate sector bought 70.4 mLTL losses for this year.
About Invalda AB
Investment company Invalda was established in 1992. The goal of the company – steady long term growth, successful activity development and high long term financial return to the shareholders. Currently Invalda focuses on pharmacy (Sanitas), roads and bridges construction (Tiltra Group, Kauno Tiltai), furniture manufacturing (Vilniaus Baldai), real estate (Invalda Nekilnojamojo Turto Fondas) and IT infrastructure (Positor, Baltic Amadeus Infrastrukturos Paslaugos) segments.
Activities of Invalda group cover Central and East Europe – Poland, Lithuania, Slovakia and Latvia.
Invalda AB shares have been listed since December 19, 1995 (then – at National Stock Exchange); from the January 1, 2008 the company’s shares have been on the Main List of Vilnius Stock Exchange.