AB Panevezio Statybos Trestas, Lithuania’s largest publicly traded construction company, had its biggest intra-day drop in two years after reporting a second-quarter loss due to a depreciation of the Russian ruble.
The shares fell as much as 10 percent, the most since Aug. 9, 2011, and closed down 6.7 percent at 1.25 euros in Vilnius, according to data compiled by Bloomberg. The volume of 131,367 shares was ten times the three-month daily average.
The builder, which has projects in Lithuania, Russia, the U.K. and Scandinavia, said weakening in the ruble’s exchange rate versus the litas cost it 4.1 million litai ($1.6 million) in April-June. That increased PST’s group pretax loss, which was 1.1 million in January-March, to 3.4 million litai in the first six months of 2013, the company said today via the Nasdaq OMX Baltic exchange.
“The results of the Group were mainly conditioned by conversion of rubles to litas in the balance sheets of the branches and subsidiary companies of PST AB located in Russia,” the company said in a statement. The ruble weakened about 7 percent versus the litas from April 1 to June 28, data compiled by Bloomberg show.
PST shares had gained 44 percent this year at yesterday’s close as the company reported it had won several new contracts. It said its first-half revenue increased 33 percent from the same period last year to 148 million litai.