Lithuanian State Company Profits Fall 9.3% on Fuel, Wage Costs

Profits at Lithuanian state-owned companies fell 9.3 percent from a year earlier in the first nine months of 2012, mainly because of higher fuel, salary and services costs, the State Property Fund said.

Aggregate net income was 366 million litai ($142 million), compared with 404 million litai in January-September 2011, the fund, based in the capital, Vilnius, said today in an e-mailed statement. Combined sales for the companies rose 1 percent from a year earlier to 5 billion litai, it said.