Lithuania's Utenos Trikotazas sets up Latvian subsidiary

  • 2019-12-12
  • BNS/TBT Staff

VILNIUS - Utenos Trikotazas, a Lithuanian textile group controlled by SBA, has established a subsidiary company in Latvia. 

The new company, Utenas Trikotaza, has an authorized share capital of 2,800 euros, Utenos Trikotazas said in a stock exchange release on Wednesday. 

The group's revenue for January-September 2019 edged down by 0.1 percent year-on-year to 23.7 million euros. Net profits plunged by 47.9 percent to 603,000 euros, the company said in late October.

The group is made up of Utenos Trikotazas, the parent company, and is subsidiaries: Satrija and Gotija in Lithuania and Mriya in Ukraine.

Utenos Trikotazas is listed on the Secondary List of the Nasdaq Vilnius Stock Exchange.