Maxima Income Drop Emphasises Great Recession Impact

Underlining the impact of the 2009 Great Recession on the Baltic region (GDP dipped by an average 16.1% across Estonia, Latvia and Lithuania), leading Lithuania-based pan-Baltic mass grocery retailer (MGR) Maxima has reported a 111% year-on-year (y-o-y) decline in FY09 (year to December 2009) net income to LTL184mn (EUR53.38mn). Despite the triple-digit earnings dip, net income of more than EUR50mn is still a strong showing bearing in mind just how systemically the downturn impacted Baltic consumers and companies.

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