Latvian glassfibre firm Valmiera Glassfibre, hurt by the weak euro during 2000, has approved a 2001 net profit plan of 128,000 lats, based on conservative exchange rate forecasts. Valmiera“s gross sa…
Latvian glassfibre firm Valmiera Glassfibre, hurt by the weak euro during 2000, has approved a 2001 net profit plan of 128,000 lats, based on conservative exchange rate forecasts. Valmiera“s gross sales target for 2001 stands at 15.3 million lats, compared to the 13.6 million lats planned for 2000. “This forecast is based on the current lat-deutschmark exchange rate of 0.271 and could improve if the euro strengthens,” said Valmiera finance manager, Imants Saulitis. Valmiera also confirmed plans to have a new gas oven in operation from September 2001, increasing fibre glass volumes by around 50% or some 13-14 million tonnes.