Lithuanian dairy group Vilkyškiu Pienine has reported a fall in half-year sales and profits on the back of lower revenues at home, from the EU and the restricted Russian market.
The company posted net profit of EUR294,000 (US$332,000) for the first six months of the year, compared to EUR1.1m a year ago. Its EBITDA dropped 32% to EUR1.7m.
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Sales were down almost 30% at EUR39.1m. Revenue in Lithuania slid 5.3% to EUR17.5m and in the EU was down 16.8% at EUR18.4m.
The closure of the Russian market to EU dairy producers from last August had a significant impact on the results. First-half sales tumbled from EUR16.4m in the first half of 2014 to zero in the first six months of this year.
