VILNIUS — The profit margin of Lithuanian refrigerator manufacturer Snaigė is stabilizing after dipping deep in the red last year.

While the company still made a loss for the first half of 2010, it was only -1.1 million litai (€320,000), a 94 percent drop from the -18.5 million litai (€5.3 million) the company posted during the first half of 2009.

The export-centered company said the improvement was due to recovering economies abroad rather than a return of domestic demand for home appliances, and that while the company many remain in the red for the rest of the year, clearly the worst is behind it.

“Although sales projections of major home appliances for 2010 are not very optimistic, we believe that the hardest times for Snaigė are in the past,” Gediminas Čeika said in a statement to the press.

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