Stumbras AB sales in the first three months of 2011 amounted to LTL 21.33 million (EUR 6.18 million). Production sales increased by 8.2 % compared to LTL 19.71 million (EUR 5.71 million) in sales during the first three months of 2010.
Stumbras AB profit before taxes in the first three months of 2011 was LTL 3.38 million (EUR 0.98 million). Profit before taxes increased by 8.7 % compared to LTL 3.11 million (EUR 0.90 million) in pre-tax profit during the first three months of 2010.
Today the situation in strong alcohol market is very difficult, as the market decreased almost 40 per cent. Despite this, last year Stumbras has invested heavily in its manufacturing capabilities, beverages quality and packaging. These investments determined a relative reduction in the company’s costs”, - says Stumbras AB General Manager Mr. Česlovas Matulevičius
According to him, during the first quarter of this year the company has updated liqueurs family “Poema” and also introduced the new Stumbras Classic flavored vodka.
We have maintained our market position and generated a better result, because the Company hasn’t stopped to pursue its long – term strategy to produce only top quality, higher class strong alcohol drinks. However, Lithuanian strong alcohol market is still in a particularly difficult situation and we really do not see any significant signs of its recovery in the near future”, - says Mr. Česlovas Matulevičius.
Enclosed:
- company's financial statements for the first quarter of 2011;
- confirmation of persons responsible for the financial statements;
Justas Rameika
Investor relations
+370 5 2786 218
