Vilkyskiu Pienine nine month profits fall

Vilkyskiu Pienine nine month profits fall

Lithuanian dairy processor Vilkyskiu Pienine has reported a fall in nine-month profits in part due to lower sales.

Net profit for the period ending 30 September fell to EUR627,000 (US$663,500) from EUR1.4m a year earlier.

Operating income fell to EUR651,000 from EUR1.7m. Profits were impacted by higher distribution costs in the period as well as lower sales.

Still reeling from the closure of the Russian market for dairy exports last August, sales for the cheese maker fell to EUR60.1m from EUR80.8m in the period.

The firm reported zero sales from Russia between January and September, compared with sales of EUR20,000 a year earlier. Sales in Europe were also lower over the nine-month period.

For the third quarter, operating income fell to EUR326,000 from EUR405,000 for the comparative period, again on lower sales.

Sales fell to EUR20.9m from EUR25.1m

Net income, however, benefited from a higher income tax expense which saw it rise to EUR333,000 from EUR284,000.