Baltika Advances to 12-Month High on Return to Profit
Baltika AS (BLT1T), 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 (APG1L), said this month it borrowed 3 million euros from a unit of Swedbank AB. (SWEDA) It’s renovating existing stores and plans to open 20 more.
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