Net profit of LUG increased by 264% in Q4’2010

LUG S.A. recorded 25,6 mln PLN sale income and 925 thousand PLN net profit in Q4 2010, compared to 15,8 mln PLN income and 254 thousand PLN net profit in the corresponding period of 2009. Increasingly after twelve months of 2010 LUG S.A. had 81,2 mln PLN of income, which is 37% more than in corresponding period of 2009 (59,5 mln PLN). The net profit amounted to 1,56 mln PLN compared to 2,35 mln loss in 2009.

-„The second half of 2010 was a breakthrough for us. In the third quarter of 2010 the net profit increased by 509 thousand PLN, that is by 982% compared to the second quarter of 2010 with income at a level of 20,5 mln PLN. In the last quarter of 2010 we recorded a 925 thousand PLN net profit and 25,6 mln PLN income. This means that profitability is increasing much faster than the speed of income increase would suggest. Currently we are at a stage when even a small increase of sales can result in significant increase of net results. Such rapid return to profitability of the company is a result of cost reduction and optimization, which we introduced at the end of 2009. The improving market situation and rapidly increasing exports are also of importance.” – says Ryszard Wtorkowski, CEO of LUG S.A.

Please read into our periodic reports:

The consolidated report of LUG S.A. capital group for the fourth quarter of 2011 (pl)

The individual report of LUG S.A. for the fourth quarter of 2011 (pl)