Management of “Olainfarm” admits that increases in sales and profits could be even higher than initially forecast


Management of JSC “Olainfarm” admits that sales increase in 2010 could be as
high as 14%, while the net profit could increase up to 20% compared to the
previous year. These considerations were caused by the results of the 1st
quarter of 2010, when particularly high increases have been achieved in foreign

It has already been reported that during the first quarter of 2010 Olainfarm#ins_quot2#s
sales have increased by about 10%, while the net profit was for some 50% higher
than during the first quarter of 2009. Sales to some export markets grew
particularly well during the first three months. The biggest sales growth was
experienced in Uzbekistan, where the sales grew very considerably – by 1 457%.
Kyrgyzstan, despite political unrest in this country, has shown the increase by
192%, Kazakhstan by 117%, Tajikistan by 60%, Azerbaijan by 25%, Russia by 15%,
Belarus by 12%, and Ukraine by 10%. This resulted in Belarus becoming the
third biggest market for the Company (after Russia and Ukraine) and exports
increasing to 95% of the total sales.

Annual General Meeting of Shareholders of „Olainfarm” held on April 29, 2010
approved the operating plan of the company. According to it, the forecast
sales of Olainfarm for 2010 are 24.5 million lats (34.9 million Euro), but the
net profit is forecast at 2.7 million lats (3.8 million Euro). Sales of the
Concern during the first quarter of 2010 were 24% of the annual target, while
the net profit was 26% of it.

Information prepared by
Salvis Lapins
JSC “Olainfarm”
Member of the Board
tel. +371 6 7013717,
Cell: + 371 2 6448873
Fax. + 371 6 7013777