The major Lithuanian manufacturer of glass and glass products, Panevezys Glass, registered sales of 22 million litas in the first quarter of this year, but recorded no net profit. Last year, the glass…
The major Lithuanian manufacturer of glass and glass products, Panevezys Glass, registered sales of 22 million litas in the first quarter of this year, but recorded no net profit. Last year, the glass factory“s turnover amounted to 98.56 million litas, with 8.47 million litas in net profit recorded. The Panevezys company“s investment director Eugenijus Reciunas said that due to limits on exports to Russia, the production of bottles has been reduced, though other shops at the plant are operating well. He said, however, that the export of bottles will soon increase, since sale contracts have already been drawn up. The company“s guaranteed capital is 39.8 million litas. The government owns 99.3% of the capital. Panevezys Glass was not included in the 1997 privatisation list, since, according to Reciunas, the necessary privatisation documentation was not prepared in time.