AB Pieno Zvaigzdes Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 18, 2023 at 11:03 am EDT
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AB Pieno Zvaigzdes reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was EUR 54.88 million compared to EUR 55.43 million a year ago. Net income was EUR 5.12 million compared to net loss of EUR 1.81 million a year ago. Basic earnings per share from continuing operations was EUR 0.11 compared to basic loss per share from continuing operations of EUR 0.04 a year ago.
For the nine months, sales was EUR 153.01 million compared to EUR 157.17 million a year ago. Net income was EUR 12.58 million compared to net loss of EUR 2.62 million a year ago. Basic earnings per share from continuing operations was EUR 0.28 compared to basic loss per share from continuing operations of EUR 0.06 a year ago.
Pieno Zvaigzdes AB (Pieno Zvaigzdes JSC) is a Lithuania-based company involved in the production and sale of dairy products. Its product portfolio covers more than 500 different products, including milk, fermented milk and cheese, butter, cream, curd, yogurts, milk-based deserts, cottage and enzyme cheese, sour cream, ice cream and other milk products. The Company also produces low-fat milk powder and whey powder. The Company has four branches located in Mazeikiai, Pasvalys, Kaunas and Panevezys. The Company distributes its products through retail stores and distributors. Pieno Zvaigzdes AB sells its products domestically, the Russian Federation and the European Union countries. It holds such trademarks as: Bios, Baltija, Gamtos, Biola, MU, Kastinys and Smilga, among others. As of December 31, 2012, the Companyâs major corporate shareholder was Skandinaviska Enskilda Banken AB with a stake of 13.69%.