VILNIUS — Lithuanian beverage company Alita had a rocky 2009, reporting a 31 percent drop in revenue for the year compared to 2008.
The beverage company, which produces wine products and spirits among other others suffered from new tax regimes rolled out by the government on top of the economic crisis blitzed [private_supervisor]profits. In 2009, the company posted 14.5 million litai (€4.2 million).
Cost cutting and reorganization has saved the company money however, with last year’s loss being less than 2008.
Recently the Lithuanian company were beset by legal woes when Serbian authorities demanded that Alita pay €21.4 million in fines to institutions in the Balkan country for not honoring a privatization contract on a brewery.
Alita shareholders decided in September to split the company’s assets and liabilities between two publicly traded companies. Following the reorganization, Alita will manage the group’s foreign holdings and subsidiary Alita Group will manage Lithuanian operations. The company also switched management teams in December with the hopes of producing better results in 2010. [/private_supervisor] [private_subscription 1 month]profits. In 2009, the company posted 14.5 million litai (€4.2 million).
Cost cutting and reorganization has saved the company money however, with last year’s loss being less than 2008.
Recently the Lithuanian company were beset by legal woes when Serbian authorities demanded that Alita pay €21.4 million in fines to institutions in the Balkan country for not honoring a privatization contract on a brewery.
Alita shareholders decided in September to split the company’s assets and liabilities between two publicly traded companies. Following the reorganization, Alita will manage the group’s foreign holdings and subsidiary Alita Group will manage Lithuanian operations. The company also switched management teams in December with the hopes of producing better results in 2010. [/private_subscription 1 month] [private_subscription 4 months]profits. In 2009, the company posted 14.5 million litai (€4.2 million).
Cost cutting and reorganization has saved the company money however, with last year’s loss being less than 2008.
Recently the Lithuanian company were beset by legal woes when Serbian authorities demanded that Alita pay €21.4 million in fines to institutions in the Balkan country for not honoring a privatization contract on a brewery.
Alita shareholders decided in September to split the company’s assets and liabilities between two publicly traded companies. Following the reorganization, Alita will manage the group’s foreign holdings and subsidiary Alita Group will manage Lithuanian operations. The company also switched management teams in December with the hopes of producing better results in 2010. [/private_subscription 4 months] [private_subscription 1 year]profits. In 2009, the company posted 14.5 million litai (€4.2 million).
Cost cutting and reorganization has saved the company money however, with last year’s loss being less than 2008.
Recently the Lithuanian company were beset by legal woes when Serbian authorities demanded that Alita pay €21.4 million in fines to institutions in the Balkan country for not honoring a privatization contract on a brewery.
Alita shareholders decided in September to split the company’s assets and liabilities between two publicly traded companies. Following the reorganization, Alita will manage the group’s foreign holdings and subsidiary Alita Group will manage Lithuanian operations. The company also switched management teams in December with the hopes of producing better results in 2010. [/private_subscription 1 year]
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