VILNIUS, Dec 11 (LETA--BNS) - Utenos Trikotazas, a knitwear manufacturer of Lithuania's SBA Group, has established a subsidiary in Latvia.

The new company, Utenos Trikotaza, has a share capital of EUR 2,800, according to the Lithuanian company's statement to Nasdaq Vilnius.

Utenos Trikotaza closed the first nine months of 2019 with EUR 23.7 million in revenue, down 0.1 percent on year, and a profit of EUR 603,000, down 47.9 percent from the same period last year.

The group's parent Utenos Trikotazas saw its nine-month revenue drop 1.7 percent on year to EUR 20.8 million.

Utenos Trikotazas Group also includes Satrija, Gotija and Mrija (Ukraine).

© Pakistan Press International, source Asianet-Pakistan