Lithuania’s refrigerator manufacturer Snaige, which is part of Russia’s Polair group, last year netted 1.207 mln euros in unaudited consolidated profit, up by a factor of 2.7, from 444,900 euros, in 2015, writes LETA/BNS.

The group’s consolidated revenue from sales declined by 12.2% to 39.817 mln euros in 2016, Snaige said in a message to the Nasdaq Vilnius stock exchange.

Gediminas Ceika, CEO of Snaige that exported 88% of its output last year, the lower turnover was caused by the aggressive actions of Chinese and Turkish manufacturers on Western markets.

“Aiming to consolidate their positions on Western markets, Chinese and Turkish manufacturers took desperate steps, offering their position at an unreasonably low price. We cannot afford operating at a loss, therefore, our sales saw some decline. I’m certain this is a temporary thing. Nobody can afford a loss for a long time, even the Chinese,” Ceika said in a press release.

Polair owns 91.1% of shares in Snaige through Vaidana.

Snaige  is quoted on the Secondary List of the Nasdaq Vilnius stock exchange.