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Lithuanian refrigerator manufacturer Snaigė cuts revenue in Ukraine by 4.5% in H1 2021
KYIV. Sept 1 (Interfax-Ukraine) – The Lithuanian company Snaigė, the only manufacturer of household refrigerators and freezing equipment in the Baltic States, in January-June 2021 reduced its revenue in Ukraine by 4.5% compared to the same period in 2020, to EUR 2.26 million.
According to the published unaudited report of the company, Snaige’s profit in Ukraine for this period amounted to EUR 1,000.
As reported, in the first quarter of this year, Snaigė in Ukraine received EUR 1,000 in losses, revenue fell by 26% compared to the same period in 2020, to EUR 838,000.
According to the report, in general, the consolidated unaudited turnover of AB Snaige in January-June of this year increased by 34.4%, to EUR 16.5 million, including sales in Central EUR ope increased by 46%, to EUR 3.25 million, Eastern EUR ope – by 40.4%, to EUR 7.06 million.
According to director general of AB Snaigė Mindaugas Sologubas, the increase in sales did not compensate for the rise in prices for products due to the rise in prices for raw materials.
"In the first half of this year, like many other manufacturers, we faced a shortage of raw materials and an increase in prices for them. The shortage of raw materials forced us to cancel some orders, the increase in prices increased the cost of our products to such an extent that we became uncompetitive in some markets. In order not to lose markets and customers, we worked with lower sales. Thus, the unaudited consolidated EBITDA of the company for the first half of the year reached EUR 400,000," he said.
