Lithuanian spirits company, Stumbras, posted an unaudited net profit of LL16.067m (€4.66m) for 2002, up 2.7% from 2001, on sales 5.4% higher at LL101.51m.

Algimantas Dziugas, technical director of Stumbras, said the company viewed 2002 as a successful year in spite of the impact of increased competition.

Spirits volumes fell by 4.8% to 13.46m litres in 2002. Lithuania’s State Property Fund holds a 91.95% stake in Stumbras but the company is scheduled to be privatised by July 2003.

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