Bité announces 1Q results

29 May 2007

Bité Finance International, the parent company of Bité Lithuania and its subsidiary Bité Latvia, has announced financial results for the three months ending 31 March 2007. Revenues for the quarter reached EUR40.8 million (USD54.8 million) compared to EUR34.4 million for the first quarter of 2006. Lithuanian business contributed EUR39 million while Bité Latvia earned EUR1.8 million. EBITDA increased to EUR8.1 million compared to EUR5.7 million for the first quarter of 2006, reflecting the growth in the Lithuanian business, offset by start-up losses in Latvia. Net loss for the quarter was EUR 6.9 million, compared to a net loss of EUR8.5 million for the first quarter of 2006.

Latvia, Lithuania, Bite Latvia, Bite Lithuania