Latvian Valmieras Stikla Skiedra (VSS) fiberglass plant has posted a 17% rise in profits for the first half of 2003 to LVL 664,100 (EUR 1.03 million), said company financial director Imants Saulitis.
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Latvian Valmieras Stikla Skiedra (VSS) fiberglass plant has posted a 17% rise in profits for the first half of 2003 to LVL 664,100 (EUR 1.03 million), said company financial director Imants Saulitis. The company“s net turnover for the first half is LVL 9.606 million, up 4% year-on-year and accounting for 49.6% of the estimated total turnover for the whole year. The company reported that no change in the export market has yet been noted, with 70% of output still exported to EU countries, mainly Germany, with another 17% going to the USA. The plant sells around 2% of its produce in the Baltics, mainly in Latvia. In 2002 VSS posted profits of LVL 841,680 on turnover of LVL 17.99 million. In 2003 the company aims to raise profits by 18% and turnover by 7.7 %. VSS largest shareholders include Germany“s Glasseiden GmbH Oschatz and P-D-P-Fiberglas Consulting, as well as Vitrulan Textilglas GmbH. The company“s stock is listed on the second list of the Riga Stock Exchange.