During the first quarter of this year investment company’s Invalda group earned 872 thousand Litas unaudited net profit attributable to the shareholders of the parent company. The same period of 2009 a loss of 6.4 million Litas was suffered.
“We find the results positive because, as a general rule, due to the specificity of our controlled undertakings the beginning of the year is worse, and this year we could earn a profit from operations” – Darius Sulnis, a president of Invalda, said.
In the first quarter of this year it were completed various actions that had contributed to strengthening the balance sheet and reducing liabilities. Invalda’s liabilities during the year decreased by 70.4 million Litas and at the end of March 2010 were 221.8 million Litas, while the due date of the majority of them extended to July 2012.
The pharmaceutical sector’s (Sanitas group) influence over Invalda’s result was 4.045 million LTL profit (in the same period of 2009 – 3.452 million LTL losses).
Profit of the furniture production segment (Vilniaus Baldai) attributed to Invalda was 5.02 million Litas (January 2009-March it was 60 thousand Litas profit).
“Good results were due to the fact that the pharmaceutical and the furniture companies successfully competed in the global markets and large part of income received abroad” – said D.Sulnis.
Preliminary road and bridge construction enterprises’ (Tiltra Group and Kauno Tiltai groups) 2010 January-March losses attributable to Invalda reached 6.366 million Litas (the same period of 2009 – 4.483 million Litas). This year the largest part of losses was suffered in Lithuania due to the seasonality, which is typical of this business sector. In 2010 road and bridge construction sector most of the revenue will receive in Poland. From the beginning of this year the sector’s results are consolidated together with Polish Poldim group, which was acquired at the end of 2009.
At the beginning of this year the information technology infrastructure sector was a loss making due to the seasonal nature of activity.
It was received 1.128 million LTL profit (in the same period of 2009 – 4.257 mln. Litas losses) from the real estate companies, but it is due to one-off events.