Baltik Vairas Reports Rebound in Sales & Earnings
ŠIAULIAI, Lithuania – Baltik Vairas’ transformation process pays off looking at the 93 percent year-on-year surge in sales to 14.4 million euro in the company’s second fiscal quarter which ended on 28 February.
In a company statement Baltik Vairas reports a tenfold increase of the EBITDA (Earnings before interest, taxes, depreciation, and amortization) to 848,000 euro in the second fiscal quarter. In that quarter the company manufactured and sold 78.000 bicycles and e-bikes, 95% more than a year before.
‘Process to bring us back to normal’
“Considering the company is still going through a structural and management transformation, this is a rather encouraging result,” said Baltik Vairas CEO Peter Jensby. “It is the result of the process to bring us back to a normally functioning business process cycle. I believe the company’s current rebound is a direct result of the optimization of operations, the smooth reorganization of our management team, the mutual trust of our partners, and the skills of our employees.”
Outlook for 2015
CEO Peter Jensby foresees an ongoing increase in sales and capitalization on the growing demand for high-end e-bikes as well as premium-class bicycles. “The trend in our export markets is rather clear: sales of e-bikes and premium-class bicycles show encouraging growth.”
“At the start of the sales season for cycling I’m positive about our third quarter results. This is the opportunity our company’s has been striving for with the organizational and managerial changes,” the CEO added.