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Valmiera Fiberglass: 8-month gross sales up

Valmieras Stikla Skiedra (Valmiera Fiberglass) company“s sales reached 9.777 million lats (US$ 16.027 million) in the first eight months of this year, Financial Director Imants Saulitis said.
In sev…

Valmieras Stikla Skiedra (Valmiera Fiberglass) company“s sales reached 9.777 million lats (US$ 16.027 million) in the first eight months of this year, Financial Director Imants Saulitis said. In seven months of 2000, the company had sold products worth 7.57 million lats. From January to July Valmiera Fiberglass achieved gross turnover of 8.6 million lats, up 10.9% from the same period last year. In July this year, the company“s gross turnover was 1.239 million lats, in July last year – 1.265 million lats. Last year, Valmiera Fiberglass“ seven-month gross turnover was 7.756 million lats. This year the annual gross turnover target is set at 13.8 million lats. In the first six months of this year, the company earned a profit of 28,139 lats, which is considerably less than the semi-annual target profit of 225,000 lats. The profit reduction was due to the loss caused by the decrease in the German mark and Euro exchange rates against the Latvian lat and US dollar. In the first half of 1999, the company“s profit was 331,100 lats. Saulitis said that if the exchange rate kept falling, Valmiera Fiberglass may not be able to meet the planned profit of 450,000 lats. Exports account for some 97% of the company“s total sales. Last year Valmiera Fiberglass had annual profit of 536,000 lats on a net turnover of 13.3 million lats.

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