The company’s sales revenue fell by 26 percent to 15.71 million euros (21.27 million euros), net profit – 11.2 times to 0.09 million euros (1.01 million euros), the company announced on Monday via the Nasdaq Vilnius stock exchange.
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According to the company’s report, the agricultural sector remained stable in the first half of the year, although farmers’ investment decisions were influenced by agricultural product prices, production costs, and changing weather conditions.
“It is expected that actual harvest results and increasing farmer confidence in the second half of the year will encourage more active investment decisions and create favorable conditions for further growth of East West Agro’s operations,” the report states.
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38.97 percent of the company’s shares belong to Danas Šidlauskas, 39.69 percent to Gediminas Kvietkauskas, 10.32 percent to Gesons, 10.67 percent to other shareholders, 0.36 percent – the company’s own shares acquired.
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