Grafobal Vilnius, one of the leading paper and paperboard packaging manufacturers in Lithuania, posted an unaudited net profit of Litas 260,000 (€75,362) for the first half of 2002, versus a net profit of Litas 2,600 in the same period a year ago.
Stanislovas Jurkuvenas, CEO of Grafobal Vilnius, said the profit would have been higher if it had not been for the US dollar's depreciation against the Litas, which has been pegged to the euro at a fixed rate.
"We have suffered considerable losses due the dollar's slide, as we work with customers in Russia and Belarus. If we fail to renegotiate contracts, we might miss our profit target for the current year," he said.
The company exports over 50 per cent of its products. Its major customers are Russian and Belarussian tobacco manufacturers, as well as local food producers.
Grafobal Vilnius posted a turnover of Litas13.2 million for the first half of 2002, an 18.3 per cent increase over the same period of the previous year.
The company announced an audited net profit of Litas1.05 million on a turnover of Litas 24.2 million for the full year 2001.
The Slovak company Grafobal owns around 83 per cent of shares in Grafobal Vilnius. The company is listed on the Current List of the National Stock Exchange of Lithuania.