Staff and wire reports

  • 2007-12-19
  • Stumbras sees top line skyrocket
VILNIUS - Lithuania's largest producer of alcoholic beverages, Stumbras, has announced that sales over the January to November period skyrocketed 63 percent year-on-year to reach 143.2 million litas (41.5 million euros).
In November alone exports more than doubled to 2 million litas as the company continues to gain market shares in new countries.
"The results prove that we have been right to launch new products 's including the pear- and plum-flavored Gloria and Stumbro Duonos vodka 's on the market this year. These products have proved popular with consumers," CEO Ceslovas Matulevicius said in a statement.
Stumbras is 93.8 percent owned by Mineraliniai Vandenys, a subsidiary of MG Baltic, one of Lithuania's largest business concerns.

Since the start of the year the company has mulled over different investment options, including a listing on the Warsaw Stock Exchange and attracting equity finance.
In May an attempt to sell a 5 percent stake through the Vilnius Stock Exchange failed.
In October Renata Maksima-viciene, a manager at MG Baltic Investment, said the company was considering a listing in Warsaw but first wanted to increase its market share in Poland.