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Latvia: Valmieras SS 4 months profits down on same period 2002

Latvian fiberglass manufacturer Valmieras Stikla Skiedra posted LVL 373,800 (EUR 571,000) profit in the first four months of 2003, which is higher than the company target figure but down on the same p…

Latvian fiberglass manufacturer Valmieras Stikla Skiedra posted LVL 373,800 (EUR 571,000) profit in the first four months of 2003, which is higher than the company target figure but down on the same period 2002, according to a company statement to the Riga Stock Exchange (RSE). In the first four months of 2003 Valmieras SS registed product sales worth LVL 6.017 million, making up 31.1% of the target for the year. In the first four months of 2002 Valmiera SS had LVL 382,000 profit on net sales of LVL 5.938 million. In total, in 2003 the company forecasts product sales worth LVL 19.341 million and profit of LVL 993,600 . For the first four months of 2003 the profit target was LVL 333,000. Shareholders are set to approve the Valmiera SS budget for 2003 at a meeting on 17 May 2003. For 2002, Valmiera SS posted a net profit of LVL 871,400 which is 2.5 times higher than the profit target for the year. Net sales in 2002 were LVL 17.99 million, also above the target of LVL 17.5 million. Valmiera SS sells most of its output in Europe, 17% in the United States, and less than 2% in the Baltic states, of which most in Latvia. The company“s largest shareholder is Germany“s Vitrulan Textilglas GmbH, Glasseiden GmbH Oschatz and P-D-P-Fiberglas Consulting. Company share capital comprises 23.9 million shares worth LVL 1 each. Valmiera SS is listed on the Riga Exchange, second list.

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