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Latvia Valmiera sees 2000 profit below target

Latvian Valmiera Glassfibre said it sees full-year 2000 profit coming in below its 0.45 million lats target due to the strength of the lat currency versus euro. Valmiera also said its first half 2000 …

Latvian Valmiera Glassfibre said it sees full-year 2000 profit coming in below its 0.45 million lats target due to the strength of the lat currency versus euro. Valmiera also said its first half 2000 net profit came to 28,139 lats (US$ 46,281), down from 331,107 lats for the same period in 1999. “We will end 2000 with a profit but it is doubtful whether it will be the targeted 450,000 lats, especially if the current unfavourable lat/mark exchange rate persists,” Valmiera finance manager Imants Saulitis said. Valmiera receives 82% of its revenue in Euros or Marks. “Due to the unfavourable exchange rate, Valmiera has failed to earn some 543,000 lats in the first half, our calculations show,” Saulitis added. “The average lat/mark rate in first half 2000 is 0.293 versus 0.328 in the same period last year,” he added. Valmiera has seen its first half turnover up 14% to 7.24 million lats versus 6.44 million lats. “We are trying to increase dollar sales and have also announced a price increase from July 1 to mend the situation, which is far from pleasant so far,” Saulitis said.

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