Latvia: fiberglass plant sales rise in 2002

Latvia“s Valmieras Stikla Skiedra (VSS) fiber glass plant has posted a 19% rise in sales for 2002 to reach LVR 18.1 million (EUR 29.4 million ).
The company reported that sales in 2002 were up by ar…

Latvia“s Valmieras Stikla Skiedra (VSS) fiber glass plant has posted a 19% rise in sales for 2002 to reach LVR 18.1 million (EUR 29.4 million ). The company reported that sales in 2002 were up by around LVR 200,000 on expected levels. The rise in sales has been attributed to modernization at the plant and favourable exchange rates. This year the fiberglass plant expects to improve results again, but has yet to release any forecasts. VSS planned to make a profit of LVR 1.2 million in 2002 on a turnover of LVR 17.77 million. In 2001 the plant posted profits of LVR 362,300 on a turnover of LVR 15.113 million. Ownership of Valmieras SS shares lies mainly with German-registered companies. The stock is listed on the Riga Stock Exchange second list.