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Vilkyskiu Pienine, the Lithuania-based dairy firm, has booked a profit for the first nine months of the year after running up loss at the halfway point of 2016.

The company, which saw low export prices and excess cheese reserves in its warehouses contribute to a first-half loss, said demand and supply “have been balancing” since June, pushing up prices.

Over the first nine months of 2016, Vilkyskiu Pienine generated earnings of EUR2.2m (US$2.3m), compared to EUR1.4m a year earlier. Its EBITDA stood at EUR4.5m, versus EUR3.5m in the first nine months of 2015.

Revenue increased 7.1% to EUR64.4m.

Compared to the first nine months of 2014, Vilkyskiu Pienine generated higher profits but its revenue was still lower than the EUR80.8m it generated in that period, when the company had been able to export to Russia before Moscow banned dairy imports from EU member states.

Sales in Lithuania accounted for 34% of Vilkyskiu Pienine’s revenue in the first nine months of this year, compared to 41% a year ago. Sales to the EU represented 54% of Vilkyskiu Pienine’s revenue, up from 42% a year earlier.

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By GlobalData