PST Jumps 6.1% on Baltic Builder Return to Profit: Vilnius Mover
The shares gained as much as 8.6 percent in Vilnius before closing at 0.987 euros, extending gains from a 39-month low on Nov. 27 to 11.4 percent. Volume of 43,323 shares was more than five times the three-month daily average, according to data compiled by Bloomberg.
PST posted a consolidated group net income of 9.1 million litai ($3.4 million) in the third quarter after a first-half loss of 6.6 million litai, the company reported on the Nasdaq OMX Vilnius exchange today. That is almost four times last year’s third-quarter profit of 2.4 million litai.
The recovery was mainly due to positive developments at a construction project in Kaliningrad, Russia, which had hurt profitability earlier in the year, PST said.
PST has projects in Lithuania, Russia, Scandinavia and the U.K., according to its website. Its shareholders include funds managed by Legg Mason, which owns 5.73 percent, and Eaton Vance Management, with 1.98 percent, according to data compiled by Bloomberg. Lithuanian road and railway builder AB Panevezio Keliai held 49.78 percent of shares at the end of 2011.
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