VILNIUS - Rokiskio Suris, Lithuania's largest dairy group, has reported preliminary net earnings of 28.1 million litas (8.1 million euros) for 2004, a surge of 88.5 percent year-on-year. Sales rose by 21.7 percent to 442.7 million litas over the year.
Dalius Trumpa, director of production, told the Baltic News Service that the company expected to get 10.7 million litas in Brussels' subsidies for last year's exports.
"This amount was stated in the contracts concluded last year. We have already received some funds," he said.
In 2004 Rokiskio Suris purchased 441,632 tons of milk for some 200 million litas, an increase of 22.9 million litas from 2003. The company's cheese output rose by 6 percent, year-on-year, to 20,100 tons.
In 2005, the output of cheese should grow to 15 percent as the company completed the 32 million litas manufacturing investment project last year.
Last week the board ruled to propose the allocation of some 17.5 million litas, or at least 4 litas per share, in dividends. In 2004, dividend payout totaled 20 million litas, or 4.46 litas per share.
Hermis Capital, Rokiskio Suris CEO Antanas Trumpa and Pieno Pramones Investiciju Valdymas hold a combined stake of 68.2 percent in the company. Pieno Pramones Investiciju Valdymas is owned by senior managers of Rokiskio Suris.
The latter, which is quoted on the Official List of Vilnius Stock Exchange, last traded for 74.1 litas, bringing the company's market capitalization to 351.74 million litas.
