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.
Diageo is targeting Absolut vodka in India with the launch of a "super-premium" Smirnoff variant next month....
Drinks Americas Holdings is taking its super-premium Trump vodka out of the US for the first time....
Rémy Cointreau has posted its figures for the first nine months of its financial year....
Drinks Americas Holdings has rolled out its super-premium Trump vodka to the US state of Nevada....
Central European Distribution Corporation is on the hunt for the remaining shares in Polish vodka company Polmos Bialystok that it does not already own. The US-based company confirmed yesterday (16 Ja...
The Wine Group has insisted it is "extremely confident" that an appeal from V&S Group over the rights to the Golden Gate wine brand will fail....
Swedish state-run alcohol retail monopoly Systembolaget saw sales rise over 5% last year, the company has said....
The Finnish government may look at increasing taxes levied on beers and spirits by 10%, said Liisa Hyssala, the country's Health and Social Services Minister....
- Pernod's mood darkens over India - Analysis
- Have spirits companies forgotten the mainstream?
- Does alcohol accelerate the onset of dementia?
- Why Scotch must drop the 'malts good, blends bad'
- Ashwagandha - The next functional drinks trend?
- Diageo to cut 105 jobs in Scotland, 50 in Italy
- Distell acquires majority stake in Cruz Vodka
- Pernod Ricard YTD fiscal-2017 sales performance
- William Grant names Europe & NA Travel Retail head
- Cognac needs innovation at bottom end - Pernod
- Global Scotch insights - market forecasts, product innovation and consumer trends
- Global Champagne and sparkling wine insights - market forecasts, product innovation and consumer trends
- Battle of the Generations - The fight for iGen, Millennial, Gen X and Baby Boomer consumers
- Myanmar - ISA Country Report
- Flavoured Powder Drinks in 2017: Confronting an Ageing World