First Half Loss For Pieno Zvaigzdes
Lithuanian dairy company Pieno Zvaigzdes has reported a loss of LTL0.8m (Eur0.2m) for the first half of 2010 compared to a net profit of LTL6.6m in the corresponding period of 2009. Sales for the first 6 months of 2010 declined by 9% to LTL273.4m (Eur79.2 m) as high raw milk prices and soft export markets impacted on the company’s financial results.
Export sales, which accounted for 46% of turnover, decreased by 16% compared to a year ago. However, the company is recovering and generated a profit of LTL4.4m in the second quarter of 2010.
Pieno Zvaigzdes produces a wide range of dairy product including milk, fermented milk and cheese, butter, cream, curd, yoghurts, milk-based deserts, cottage and enzyme cheese, sour cream, ice cream and other milk products. The company also produces low-fat milk powder and whey powder. It operates through four manufacturing subsidiaries – Kauno Pienas, Panevezio Pienas, Mazeikiu Pienine and the Pasvalio Surine cheese manufacturing plant.
