Panevezio statybos trestas AB Reports 2024 H1 Results
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Overview of Performance Results for 2024
In the first half of 2024, Panevezio statybos trestas AB achieved a turnover of 39.118 million Euros. This figure represents a decrease of 2.7% compared to the same period in the previous year, where the turnover stood at 40.191 million Euros. Despite the efforts to engage in sustainable growth, the company faced challenges as they recorded a net loss of 1.38 million Euros, increasing from a net loss of 0.919 million Euros in the first half of 2023.
Factors Influencing Financial Results
Geopolitical Influences and Inflation
Several factors contributed to the company's financial performance, notably the negative impact of geopolitical risks exerted over previous years. Inflationary pressures stemming from these risks further complicated the implementation of ongoing projects. The company has always focused on managing complex and long-term construction projects, and the current climate posed additional challenges.
Strategic Changes for Improvement
To enhance operational efficiency, Panevezio statybos trestas AB undertook a series of strategic changes during the first half of 2024. These changes included strengthening the management team and simplifying the organizational structure. Additionally, significant contracts have been secured that are expected to contribute positively to the company’s performance in the future financial periods.
Consolidated Financial Performance of the Group
The unaudited data reveals that the consolidated revenue of the Panevezio statybos trestas AB Group for the first six months of 2024 amounted to 53.36 million Euros, reflecting a decrease of 10% from the previous year’s figure of 59.690 million Euros. This downturn was evident in the overall financial results, as the Group reported a net loss of 2.25 million Euros, contrasting sharply with a net profit of 4.228 million Euros in the first half of 2023.
EBITDA and Subsidiary Performance
The EBITDA for Panevezio statybos trestas AB Group was negative for the first half of 2024, recording -1.05 million Euros. This represents a significant shift from the positive EBITDA of 1.972 million Euros achieved in the first half of 2023. The decline can be partly attributed to unfavorable changes in the market conditions affecting the subsidiaries. In light of this, the company aims to refine operational models and phase out unprofitable activities to better navigate the challenging market landscape.
Contact Information
For Further Inquiries
For additional information regarding these results, please contact:
Managing Director
Tomas Stukas
Tel.: +370 618 21360
Frequently Asked Questions
What were the key financial results for Panevezio statybos trestas AB in H1 2024?
The company reported a turnover of 39.118 million Euros and a net loss of 1.38 million Euros for the first half of 2024.
How has the revenue changed compared to the previous year?
The revenue decreased by 2.7% from the first six months of 2023 when it was 40.191 million Euros.
What steps is the company taking to improve its financial situation?
The company is focusing on enhancing operational efficiency, strengthening management, and finalizing significant contracts to aid future performance.
What was the EBITDA for the Panevezio statybos trestas AB Group?
The EBITDA for the first half of 2024 was -1.05 million Euros, down from a positive EBITDA of 1.972 million Euros in H1 2023.
Who can I contact for more information about these results?
For further inquiries, you can contact Tomas Stukas, the Managing Director, at +370 618 21360.
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