Referring to the unaudited data, during six months of this year the Group of
Panevezio statybos trestas AB (PST) was on the income of 84.5 mln. Litas (24.5
mln. EUR), that is by 21 percents less than last year and made before tax
profit in the amount of 19.8 mln. Litas (5.7 mln. EUR). The company of PST was
on the income of 72.8 mln. Litas (21 mln. EUR) and made before tax profit
amounting 8.6 mln. Litas (2.5 mln. EUR).
"The parent company of PST achieved a fairly high percentage of profitability by not only recovering receivable debts in the amount of 3.6 mln. Litas considered doubtful in 2009 but also by successful execution of works on sites: CCGT Project at the Lithuanian Power Plant in Elektrenai, Water Supply and Waste Water Infrastructure Development in Å iauliai, Construction of Waste Water Treatment Plant in Taurage", says the Finance Director Dale Bernotaitiene.
In the first half of 2010 PST investicijos UAB lost control in two companies: Geluzes projektai UAB (sold) and Smiltynų kalvos UAB (bankruptcy proceedings initiated). As in the Consolidated Statement the real estate projects had been assessed up to net realisable value in the previous years, after losing their control the profit amounting 10 mln. Litas was reflected in the Profit (Loss) Statement and this increased the profit of Company Group.
Panevezio statybos trestas AB is one of the largest construction companies in Lithuania. The company is certified in accordance with the requirements of international quality, environmental, occupational health and safety management systems. In the year 2007 PST won the National Quality Award for the company policy and strategy, and also management, control of processes and resources, satisfaction of customers', consumers' and employees' needs, etc.
PST was awarded the medals of "Product of the Year" for the construction of Sports Arena in Å iauliai in 2007, Combined Cycle Power Plant in Panevezys in 2008 and Panevezys Multifunctional Sports Arena CIDO ARENA in 2009.
For more information contact: Dale Bernotaitiene Finance Director Panevezio statybos trestas AB Tel.: +370 5 505 507
"The parent company of PST achieved a fairly high percentage of profitability by not only recovering receivable debts in the amount of 3.6 mln. Litas considered doubtful in 2009 but also by successful execution of works on sites: CCGT Project at the Lithuanian Power Plant in Elektrenai, Water Supply and Waste Water Infrastructure Development in Å iauliai, Construction of Waste Water Treatment Plant in Taurage", says the Finance Director Dale Bernotaitiene.
In the first half of 2010 PST investicijos UAB lost control in two companies: Geluzes projektai UAB (sold) and Smiltynų kalvos UAB (bankruptcy proceedings initiated). As in the Consolidated Statement the real estate projects had been assessed up to net realisable value in the previous years, after losing their control the profit amounting 10 mln. Litas was reflected in the Profit (Loss) Statement and this increased the profit of Company Group.
Panevezio statybos trestas AB is one of the largest construction companies in Lithuania. The company is certified in accordance with the requirements of international quality, environmental, occupational health and safety management systems. In the year 2007 PST won the National Quality Award for the company policy and strategy, and also management, control of processes and resources, satisfaction of customers', consumers' and employees' needs, etc.
PST was awarded the medals of "Product of the Year" for the construction of Sports Arena in Å iauliai in 2007, Combined Cycle Power Plant in Panevezys in 2008 and Panevezys Multifunctional Sports Arena CIDO ARENA in 2009.
For more information contact: Dale Bernotaitiene Finance Director Panevezio statybos trestas AB Tel.: +370 5 505 507
© 2010 GlobeNewswire
