Company briefs - 2011-08-18

he joint-stock metallurgical company Liepajas Metalurgs posted 2.2 million lats (3.1 million euros) in profit in the first six months of 2011, reports Nozare.lv. The company suffered 7.7 million lats in losses over the same period last year. Liepajas Metalurgs’ net turnover in the first half of 2011 amounted to 122.1 million lats, compared to the respective period last year when turnover reached 80.8 million lats. The company posted 6.4 million lats in losses in 2010, according to the company’s unaudited consolidated report to the Riga Stock Exchange. Liepajas Metalurgs group unites several enterprises operating in the sectors of metallurgical production, transport, sports and medical services.

The electricity deficit in the Baltic countries in June and July reached around 20 percent of the total electricity consumption, which is the highest level so far this year, said Latvenergo Sales Development Department head Gatis Junghans, reports Nozare.lv. Junghans explains that Lithuania imports around two-thirds of power consumed in the country during the summer months, whereas Latvia imports around half. Estonia, on the other hand, produces 70 percent more electricity than it consumes, which makes it an electricity exporter. Latvia and Lithuania buy electricity from Russia and Spain when necessary.

The unaudited consolidated profit before income tax of the Lithuania-based retail apparel company Apranga Group totaled 7.7 million litas (2.2 million euros) during the first six months of 2011, while Apranga Group made a profit of 800,000 litas in the same period of 2010, reports LETA. Consolidated profit before income tax amounted to 6.2 million litas in the second quarter of 2011, compared to 1.4 million litas in the second quarter of 2010. The EBITDA of Apranga Group was 16.7 million litas during the first six months of 2011, up 47.6 percent compared to the corresponding period of 2010. In the second quarter of 2011, EBITDA was 10.7 million litas, an increase of 60.4 percent as compared to the corresponding period in 2010.