Vilkyskiu Pienine, the Lithuanian dairy group, reported a resurgence in first-quarter earnings today (31 May), supported by a jump in sales of dairy products to countries in the European Union.
Net profit rose to EUR1.04m (US$1.2m) in the three-month period, compared to a net loss of EUR565,000 in the first quarter of 2016. Vilkyskiu Pienine’s profit growth was supported by a jump in EBITDA margin due in part to lower input costs. EBITDA margin increased to 7.1% of sales compared to 0.1% last year. EBITDA totalled EUR1.96m versus EUR14,000.
Revenue at the group increased to EUR27.8m, versus EUR16.7m in the comparable period of last year. Higher international sales – particularly to the EU – enabled Vilkyskiu Pienine to more than offset lower revenue at home. Vilkyskiu Pienine is focused on international expansion. The company revealed it shipped its first products to China in January of this year and secured new customers in the Middle East at the Gulfood trade show in February.