The largest Lithuanian furniture manufacturer Vilniaus baldai AB first-quarter sales in 2012 amounted to 58.501 million litas – 3.5 percent more than in the same period of the 2011 (56.567 million litas).
In the first quarter of 2012 Vilniaus Baldai AB earned 6.118 million litas net profit, while in the same period of 2011 net profit stood at 6.870 million litas. Earnings before interest, taxes, depreciation and amortization (EBITDA) fell by 8 percent from 9.166 million litas to 8.476 million litas.
„We are pleased that we managed to reach the sales targets and sell more than in the corresponding period of 2011. Higher prices of raw materials, whose prices rose particularly rapidly in mid-2011 still had a negative impact on the Company profitability, compared to the first quarter of 2011.“-said Aidas Mackevicius, the general director of Vilniaus baldai AB.
„Another factor to affect the profitability is the increase of salaries. The employees’ salaries were raised as a result of the successful growth of labour productivity. In addition, production volumes were higher than sales, and we are planning for a two week halt of production in April. Therefore it was necessary to accumulate sufficient product storage“- said A. Mackevicius.
Vilniaus Baldai AB is exporting almost all productsto the main buyer — the Swedish concern Ikea.
Invalda AB is a majority shareholder of Vilniaus baldai AB. Shares of Vilniaus baldai AB are admitted to trading in NASDAQ OMX Vilnius Main list.
Aidas Mackevičius
The general director of Vilniaus baldai AB
Tel. No. (8-5) 2525700