Utenos Trikotazas earned 0.2 million litas of operating profit for the first quarter of 2014, as in the same period in 2013 the company incurred 1.2 million litas of operating loss.
"Positive results for the first quarter of 2014 were generated by consistently implemented strategic orientation towards innovative fabrics and higher added-value manufacturing. After revising the key performance indicators, the number of customers and orders was reduced in order to better satisfy the needs of strategically important, higher profitability, manufacturing of innovative fabrics requiring clients. This solution aims to increase operating profit in the near future as well", commented Gintautas Bareika, Chief Executive Officer of Utenos Trikotazas.
The consolidated group's results (precisely financial activity) were negatively impacted by 5.6 million litas in the first quarter of 2014 due to Ukraine currency exchange rate (UAH) fluctuation, as in the same period in 2013 the foreign exchange influence was positive and reached 0.4 million litas. It is important to note, that it virtually had no effect on the company or group cash flows.
Due to the reason above, the group incurred 5.6 million litas of the pre-tax loss for the first quarter of 2014, as in the same period in 2013 the group incurred one million litas of loss before taxes. Utenos Trikotazas incurred 0.4 million litas of pre-tax loss for the first quarter of 2014, as in the same period in 2013 incurred 1.8 million litas of loss before taxes.
