During the nine months of this year investment company’s Invalda group earned 32.3 million LTL net profit attributable to the shareholders of the company. The same period of 2009 a loss of 52.5 million LTL was suffered.
“Good results were determined by the transformations we made in recent year, focusing on growing efficiency and competitiveness and also the general situation in the markets of our activities. The quarter was profitable in all main businesses of Invalda“– Vytautas Bucas, the chairman of Invalda, said.
The pharmacy sector, where Invalda owns 26.5% of Sanitas, during January-September of this year earned 12.2 million LTL profit to Invalda (the same period of 2009 – 1.9 million LTL). The consolidated revenue of Sanitas group rose up to 256.9 million LTL (11.8 %), net profit was 46.1 million LTL.
The furniture manufacturing sector, where Invalda manages 72 % of Vilniaus Baldai shares, during the nine months of this year earned 15.2 million LTL profit to Invalda. The sales of Vilniaus Baldai rose to 141.6 million LTL (34.4 % more than in the same period of 2009 (105.4 million LTL)). EBITDA for the nine months rose from 18 million LTL up to 29.1 million LTL (61.2 %).
“This year results of Vilniaus Baldai are the best in the company’s history. The main goal for company remains to improve the production process, to ensure implementation of the growing number of orders and to maintain customer required production quality”, – said V. Bucas.
Investments in the road and bridge construction sector include ownership of stakes in Kauno Tiltai AB (43.36 %) and Tiltra Group AB (44.78 %). During the nine months of 2010, this sector earned 5.8 million LTL and only during the third quarter of 2010 this sector earned 9.8 million LTL.
During the nine months of this year, the information technologies (IT) sector’s, where Invalda manages 80 % of Positor shares, loss attributable to Invalda was 0.9 million LTL. Most of this loss was the depreciation of intangible assets formed after the purchase transaction and calculated in statements of Invalda.
“The third quarter has already been profitable, so we hope that after traditionally the most successful fourth quarter, the IT sector will end the year also successfully,” – said V. Bucas.
The real estate sector during the nine months of this year earned 2.2 million LTL profit to Invalda, which was largely due to one-off events. The same period of 2009 a loss of 70.5 million LTL was suffered in this sector. In the third quarter facilities management company Invalda Service completed the acquisition of Priemiestis, a company which manages dwelling-houses.
About Invalda AB
Investment company Invalda was established in 1992. The goal of the company – steady long term growth, successful activity development and high long term financial return to the shareholders. Currently Invalda focuses on pharmacy (Sanitas), road and bridge construction (Tiltra Group, Kauno Tiltai, Poldim), furniture manufacturing (Vilniaus Baldai), real estate (Invalda Nekilnojamojo Turto Fondas and others) and IT infrastructure (Positor, Baltic Amadeus Infrastrukturos Paslaugos) segments.
Invalda group companies acts in Poland and Lithuania.
Invalda AB shares have been listed since December 19, 1995 (then – at National Stock Exchange). From the January 1, 2008 the company’s shares have been on the Main List of NASDAQ OMX Vilnius stock exchange.