Vilnius, Lithuania, 2014-05-30 08:01 CEST (GLOBE NEWSWIRE) -- Unaudited results of Invalda LT, AB group for the period of 3 months of 2014: - consolidated net profit attributable to shareholders of Invalda LT, AB totaled to LTL 2.7 million (EUR 0.8 million). In the same period of 2013 it was LTL 0.5 million (EUR 0.1 million); - total consolidated net profit amounted to LTL 2.7 million (EUR 0.8 million). In the same period of 2013 it was LTL 1.4 million (EUR 0.4 million).
The net profit of Invalda LT, AB for 3 months of 2014 amounted to LTL 1 million (EUR 0.3 million). In the same period of 2013 the loss of the company was LTL 0.4 million (EUR 0.12 million).
Additional information: Invalda LT, one of the major Lithuanian investment companies, in the first quarter of this year earned LTL 2.7 million (EUR 0.8 million) consolidated net profit attributable to shareholders, or 5.3 times more than in the same period in 2013 (LTL 515 thousand, i.e. EUR 149 thousand).
"In the first quarter we concentrated on the work related to redesigning of the business model of Invalda LT and move to the classical asset management model structure, but the vast majority of businesses showed good results,"- Darius Sulnis, the president of Invalda LT, said.
Significant events and transactions In late April split-off of Invalda LT was completed – new companies INVL Baltic Farmland, INVL Baltic Real Estate and INVL Technology were established. Later these companies in their essence will be similar to funds. The shares of three new companies will be traded on the NASDAQ OMX Vilnius Stock Exchange from 4 June.
On 28 May Invalda LT completed transactions with Invalda Privatus Kapitalas – sold 45.4% of Vilniaus Baldai shares and increased its share in Litagra, one of the largest agricultural businesses in the Baltic countries, up to 36.9%.
Invalda LT has received LTL 80.198 million (EUR 23.227 million) for Vilniaus Baldai shares and dividends. LTL 24.124 million (EUR 6.987 million) out of this amount, were pad for 45.45 % of Cedus Invest shares. After this acquisition Invalda LT increased its stake in Cedus Invest up to 100 % and undertook all loans granted to this company. Cedus Invest owns 36.9 % of Litagra shares.
Agriculture sector In agriculture sector Invalda LT has invested in Litagra and owned 20.1 percent of shares in the first quarter.
In the first quarter, comparing with the same period in 2013, turnover of Litagra decreased by 7.3 percent to LTL 67 million (EUR 19.4 million), earnings before interest, taxes, depreciation and amortization (EBITDA) decreased by 27 percent to LTL 2.7 million (EUR 0.8 million) and loss amounted to LTL 0.3 million (EUR 0.1 million) (2013 January-March net profit of LTL 0.8 million (EUR 0.23 million) was reached).
"The agricultural sector results are worse than the last year’s due to the cold winter. Moreover, this business earns its main profit during the third quarter," - said D. Sulnis.
Agricultural sector has brought LTL 162 thousand (EUR 46.9 thousand) loss to Invalda LT.
Facilities management sector In the facilities management sector Invalda LT manages Inservis, Priemestis, Jurita and Naujosios Vilnios Turgaviete.
In the first quarter of this year Inservis Group companies increased the income by 41 percent to LTL 4.5 million (EUR 1.3 million), EBITDA amounted to LTL 0.7 million (EUR 0.2 million) and they have earned LTL 405 thousand (EUR 117 thousand) net profit (last year company suffered LTL 184 thousand (EUR 53.3 thousand) loss).
"We are pleased with the improving results of Inservis Group and the growth of company. It is obvious that the last year’s reforms returned good results, "- said D. Sulnis.
Sectors, transferred to the new companies Agricultural land owning companies and loans granted to them were transferred to INVL Baltic Farmland at the end of April, investment of information technology sector – 80 percent of BAIP Group shares – was transferred to INVL Technology, Invalda Nekilnojamojo Turto Fondas and other companies were transferred to INVL Baltic Real Estate. New companies will announce their presentations before the beginning of listing on the Exchange.
The person authorized to provide additional information: Darius Sulnis President Phone +370 5279 0691 E-mail:Darius@InvaldaLT.com
