Valmiera Fiberglass plans 2002 profit

Latvia“s Valmieras Stikla Skiedra (Valmieras SS) fibreglass producer forecasts 2002 net profit of LVR 339,300 on a net turnover of LVR 17.77 million. According to the company“s budget for 2002 appro…

Latvia“s Valmieras Stikla Skiedra (Valmieras SS) fibreglass producer forecasts 2002 net profit of LVR 339,300 on a net turnover of LVR 17.77 million. According to the company“s budget for 2002 approved at the shareholder meeting held on 7 June, planned profit is 6.3% short of the profit in 2001. The turnover target for this year meanwhile has been set by 17.6% higher than last year. Valmieras SS president Inars Polaks told the shareholders that the target profit had deliberately been set with caution since market development forecasts were not very good and one of the key fibreglass markets, the US, had not showed too good results this year as compared to the first half in 2001. Also, the second largest fibreglass market – Europe has accumulated stock of the product in the amount of three-month consumption. In 2001 Valmieras SS posted audited net profit of LVR 362,000 on net sales of LVR 15.113 million. Shares in Valmieras SS are quoted on the second list of Riga Stock Exchange. The controlling stake or 61% in the company belongs to Germany“s Glasseiden GmbH Oshatz.