Latvia: 1Q profits for fiberglass maker Valmieras

Latvian fiberglass producer Valmieras Stikla Skiedra (Valmieras SS) posted profits of LVL 291,300 (EUR 456,000) for the 1Q of 2003, up 5% on 1Q 2002, the company reported. Valmieras SS director Imants…

Latvian fiberglass producer Valmieras Stikla Skiedra (Valmieras SS) posted profits of LVL 291,300 (EUR 456,000) for the 1Q of 2003, up 5% on 1Q 2002, the company reported. Valmieras SS director Imants Saulitis said the company“s turnover in 1Q was LVL 4.455 million, up 7.3% on the 1Q 2002. Saulitis said that the company is working at target levels so far in 2003, adding that further growth is expected in the summer construction season. The 1Q profits for Valmieras SS are almost 30% of 2003“s target of LVL 993,600, with net turnover standing at 23% of the 2003 target LVL 19.341 million. In late March 2003 the company“s assets were LVL 28 million with equities of LVL 26.12 million. Saulitis said that in 2003 the company plans to invest LVL 1.18 million, and that LVL 200,000 has already been invested. The fiberglass producer sells most of its output in Europe. Some 17% goes to the U.S., and under 2% is sold in the Baltics, mostly in Latvia. For 2002 the company posted profits of LVL 841,680 on a turnover of LVL 17.895 million. The principal shareholders in Valmieras SS are Germany“s Glasseiden GmbH Oschatz and P-D-P-Fiberglas Consulting. The company“s stocks are listed on the second list of the Riga Stock Exchange.