Published: 2019-09-24 16:00:00 CEST
Pieno Zvaigzdes
Notification on material event

Pieno zvaigzdes AB, not audited financial results for the first six months of 2019

Based on preliminary unaudited results Company‘s sales over first six months in 2019 accounted to 84.1 million EUR, or 2.7% lower compare to a year ago. Sales resulted over first six months in 2018 were 86.5 million EUR.

Over the first six months of the year Company’s EBITDA accounted to 4.4 million EUR and decreased by 18.6% compare with 5.4 million EUR EBITDA a year ago.
Company’s net profit over the first six months of 2019 was 1.0 million EUR and decreased by 27% compare with a 1.4 million EUR net profit accounted over first six months of 2018.

In the third quarter of 2019 Company restructured banks credit portfolio by increasing the share of long-term (investment) loans and reducing the share of short-term loans. The new portfolio structure will allow the company to carry out a stable investment program over the next few years

The company's management gives positive evaluation to the results of the half-year because despite the sluggish export markets and steadily rising payroll costs, the company made a profitable start in the first half of this year.

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