Preliminary Performance Results of Panevezio statybos trestas AB and Panevezio statybos trestas AB Group for Twelve Months of 2020
Over the twelve months of 2020, the turnover of Panevezio statybos trestas AB amounted to 59.712 mln. Euros, whereas the revenue of the Company for the twelve months of 2019 amounted to 108,464 mln. Euros. Such decrease in revenue was influenced mainly due to discontinuation of the project by a major client as a result of COVID-19, and slower progress or suspended construction activities by other minor clients. Furthermore, signing of the awarded contracts and start dates of work have been postponed to a further period resulting in revenue decrease. The significant drop in turnover, which fails to cover the constant expenses, the penalty imposed by the Competition Council in the amount of 8.5 mln. Euros and the accrued interest thereof in the amount of 1.4 mln. Euros conditioned the negative result of the Company amounting to 12.418 mln. Euros in 2020.
Over the same period, the total consolidated revenue of Panevezio statybos trestas AB Group was 74.912 mln. Euros. In 2019 revenue of the Group amounted to 110.466 mln. Euros. In 2020 the loss of the Group was 10.4 mln. Euros, whereas in 2019, the net profit of the Group was 0.821 mln. Euros.
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