The Lithuanian company Snaige, the only manufacturer of household refrigerators and freezing equipment in the Baltic States, in January-September 2020 reduced its revenue in Ukraine by 16.3% compared to the same period in 2019, to EUR 4.504 million.
According to the published unaudited annual report of the company, Snaige’s loss in Ukraine during this period decreased by one third, amounting to EUR 2,000.
In general, the consolidated unaudited turnover of Snaige for January-September 2020 decreased by 14% compared to the nine months of last year, to EUR 22.3 million.
According to Snaige AB CEO Mindaugas Sologubas, quoted in the report, the decline in sales is a consequence of the global pandemic and quarantine.
“Due to the restrictions imposed by the quarantine, the company’s plant in Alytus was forced to work at partial capacity for several months in the spring, some employees were idle. There was a shortage of supplies, as many suppliers were located in the countries affected by the pandemic,” he said.
As noted, in the third quarter of this year, the company’s sales recovered and almost reached the level of the third quarter of last year, but this was not enough to cover the losses incurred in the spring.
At the same time, the company’s unaudited consolidated EBITDA more than doubled in three quarters, to EUR 1.7 million.
