Lettglas: 2005 in the red, but losses down

Lettglas, one of Latvia“s largest glass producers, generated LVL 2.1 million in sales in 2005, up 34.1% from 2004, but closed the year with a loss of LVL 43,000 (EUR 61,184), a threefold reduction, t…

Lettglas, one of Latvia“s largest glass producers, generated LVL 2.1 million in sales in 2005, up 34.1% from 2004, but closed the year with a loss of LVL 43,000 (EUR 61,184), a threefold reduction, the company said. Technical director Imants Buss praised the company“s development, and said the fall in losses and the rise in sales could be explained by the fact that in previous years Lettglas had made large investments, which have now started paying back. Mr. Buss said that in 2005 the company expanded its export volumes and has started expanding in the domestic market as well. “For four years we had not been in the local market as we exported all the production. Therefore this year and in the future we are planning to expand our operations in Latvia”, he said. Mr. Buss also said that in August 2006 the company plans to launch its new glass plant. Lettglas makes lampshades, bowls, candle holders and other glass products. According to the Latvian business register, in 2004 the company generated sales of LVL 1.566 million and closed the year LVL 140,100 in the red. The company exports its product to Germany, the Netherlands, Belgium, France, Norway, Sweden, the US and Canada. The largest shareholder is Germany“s Herner Glas Bern Hoffbauer GmbH & Co.