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Baltika Advances to 12-Month High on Return to Profit

Aug. 17 (Bloomberg) -- Baltika AS, the third-biggest listed Baltic clothing company, rose in Tallinn trading to its highest level in 12 months after posting a quarterly profit.

The stock rose as much as 10 percent to 63 euro cents, after gaining 8.1 percent yesterday when Baltika said it made a profit in the second quarter, its first since 2008. Tallinn-based Baltika’s stock has more than doubled this year, compared with a 28 percent gain for its east European peers, according to data compiled by Bloomberg.

The company reported second-quarter net income of 572,000 euros ($702,000), compared with a loss of 444,000 euros a year earlier, citing closure of unprofitable stores and a larger selection of brands.

The company, whose rivals include Vilnius-based Apranga PVA, said this month it borrowed 3 million euros from a unit of Swedbank AB. It’s renovating existing stores and plans to open 20 more.

To contact the reporter on this story: Ott Ummelas in Tallinn at oummelas@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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