APRANGA

MATERIAL EVENT



RESULT FROM OPERATIONS IN MARCH AND IN THE FIRST QUARTER OF 2004



(Unofficial Translation Done at the NSEL)



The preliminary unaudited result of Apranga APB during the first quarter of

2004 is LTL 239,422 before taxes. In its profit project for 2004 (the projected

annual profit is LTL 8,000,000 before taxes), the company did not plan to earn

any profit during the first quarter. Operation results of Apranga APB, the same

as those of other retail enterprises, are of a seasonal character, mostly

because of sales of seasonal goods in January-February and July-August. Usually

the company plans its profit for March-June and September-December. In March

2004, Apranga APB earned a profit of LTL 635,980, 13% up on the result of March

2003.

The decrease in the profit obtained during the first quarter, compared with the

corresponding period last year, was caused by the negative impact of the

currency rate fluctuations and additional costs related to the expansion of the

company’s activities.





Saulius Bacauskas

Finance and Economy Director

(+370-5) 239 08 43