LITHUANIA: Stumbras sees profits soar
Lithuania's largest alcohol producer Stumbras has posted a marked rise in pre-tax profit for the first half of this year.
The company said yesterday (19 July) that income for the six-month period was up by 49%, coming in at LTL9.76m (US$3.57m). Sales also rose, by 19% year-on-year at LTL53.21m.
On the export front, Stumbras saw sales pick up by almost 75%, coming in at LTL3.15m, excluding VAT. Primary export markets for the company include the other Baltic states - Latvia and Estonia - Poland, Israel, the US, the UK, Germany and Cyprus.
"These results have proved the success of our well-planned and implemented sales and marketing strategy, both in the local and foreign markets," said Stumbras' CEO, Ceslovas Matulevicius.
"(In H2) we will offer new products to the Lithuanian market and invest in our production capacities," he added. "As to exports, we will remain very active as well."
Going forward, the company is targeting annual sales growth of 19.7% to LTL99.1m. Last year, Stumbras reported sales of LTL82.7m.
As well as producing vodka, Stumbras makes brandy, whisky, liqueurs and bitters. The company is almost completely owned by Mineraliniai Vandenys, which itself is controlled by MG Baltic Trade group.
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