One of the largest Lithuanian investment companies INVALDA, AB earned unaudited consolidated net profit of 0.5 million litas attributable to the parent company in the first quarter of 2013. In the first quarter of 2012 the profit was 18.8 million litas.<\/p>\n
\u201eWe assess results as neutral. Most of the businnesses were influenced by seasonal effects and there were no unplanned deviations. Last year’s result was mostly influence by a significant positive change in Trakcja\u2018s share price, – Mr. Darius Sulnis, the president of INVALDA, AB, said. <\/p>\n
According to him, the most important event during the first quarter of 2013 was the approval of the split-off tems of INVALDA, AB. After completion of the split-off, Invalda LT, AB and Invalda Privatus Kapitalas, AB will start their operations in June.<\/p>\n
In the first quarter of 2013 INVALDA, AB allocated 42.9 million litas for the share buy-back procedure and in May the Company paid 8.9 million litas for the treasury shares. <\/i><\/p>\n
Furniture manufacturing sector
<\/i>The furniture manufacturing sector, where INVALDA, AB controls 72 percent stake in the largest Lithuanian furniture manufacturing company Vilniaus Baldai, AB earned an unaudited profit of 2.3 million litas for INVALDA, AB, i.e. 52 percent less than in January-March of 2012 (4.4 million Litas). <\/p>\n
In the first quarter of 2013, sales of Vilniaus Baldai, AB amounted to 35.1 million litas or 40 percent less than in the corresponding quarter of 2012. Earnings before interest, taxes, depreciation and amortization (EBITDA) decreased 43 percent to 4.8 million litas while the net profit was reduced to 48 percent to 3.2 million litas.<\/p>\n
\u201eA decrease of Company\u2019s production volumes and financial results were predicted due to start of the new production line, which will be implemented in the second quarter of 2013. The growth of production volumes are expected only in the second half of the year\u201d, – Mr. Darius Sulnis said.<\/i><\/p>\n
Real estate sector
<\/i>The real estate sector in the first quarter of 2013 has incurred a loss of 0.6 million litas (in January- March of 2012 the profit was 0.2 million litas). <\/p>\n
\u201eThe activity of the first quarter of 2013 corresponds with our expectations and we expect profitable activity in 2013. After the split-off a part of the real estate sector will belong to Invalda LT, AB while other real estate assets will be owned by Invalda Privatus Kapitalas, AB, so we were focused on properly implementing the split-off process\u201c, – Mr. Darius Sulnis said.<\/i><\/p>\n
Facility management sector
<\/i>The turnover in the facility management sector, where INVALDA controls such companies as Inreal Pastatu Prieziura and others, in the corresponding period grew by 7.7 percent to 3.2 million litas, and the loss amounted to 0.2 million litas.<\/p>\n
\u201eDespite the competition in this sector, the negative result is not acceptable. We expect that the focus on profitability instead of the sales growth will bring the positive effects by the end of 2013\u201c, – Mr. Darius Sulnis said.<\/i><\/p>\n
Agriculture sector
<\/i>In the agricultural sector, where INVALDA, AB owns 36.9 percent shares of Litagra, UAB, a loss of 0.4 million litas was incurred during the first quarter of 2013. The first quarter\u2018s turnover of Litagra, UAB (in accordance with the Business Accounting Standards) rose 96 percent to 70.9 million litas whereas net loss amounted to 1.1 million litas (according with the International Accounting Standarts).<\/p>\n
\u201eWe assess the activity positively, although due to the seasonal effects and long winter, the results do not reflect that\u201c, – Mr. Darius Sulnis said. <\/p>\n
Information technology infrastructure sector
<\/i>In the information technology infrastructure sector where INVALDA, AB owns 80 percent shares of BAIP Group, the first quarter 2013 the result was break-even. The consolidated turnover of BAIP Group, UAB amounted to 8.7 million litas or 21 percent more than in corresponding quarter of 2012 (7.2 million litas).<\/p>\n
\u201eThe IT sector is expanding both geographically and through service portfolio development. Looking at the successful results of the tenders as well as the planned projects, we expect a successful year\u201c, – Mr. Darius Sulnis.<\/p>\n
Other information<\/em>: Enclosed: The person authorized to provide additional information: One of the largest Lithuanian investment companies INVALDA, AB earned unaudited consolidated net profit of 0.5 million litas attributable to the parent company in the first quarter of 2013. In..<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[6],"class_list":["post-13191","post","type-post","status-publish","format-standard","hentry","category-press-releases","tag-imported"],"acf":[],"yoast_head":"\n
The decrease in share price of the rail and road infrastructure company Trakcja operating in Poland and Lithuania brought the loss of 2.1 million litas to INVALDA, AB, while in corresponding period in 2012, the profit of 12 million litas was earned. This is the major reason why the results of INVALDA, AB are worse than in the corresponding period of 2012.<\/p>\n
–consolidated and company’s unaudited financial statements for the period of 3 months ending March 31,2013<\/a>;
–unaudited consolidated interim report for the period of 3 months ending March 31, 2013<\/a>;
–confirmation of persons responsible for the financial statements<\/a>;
–presentation of INVALDA, AB group results for the period of 3 months ending March 31, 2013<\/a>.<\/p>\n
Darius Sulnis
President
Tel. +370 5273 4876
E-mail: darius@invalda.lt<\/p>\n","protected":false},"excerpt":{"rendered":"