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Valmiera Fiberglass posts higher 5-month profit

Latvian Valmieras Stikla Skiedra fiberglass company posted LVR 495,900 profit for the first five months of 2002, which is more than during the same period in 2001 and also more than the company“s pro…

Latvian Valmieras Stikla Skiedra fiberglass company posted LVR 495,900 profit for the first five months of 2002, which is more than during the same period in 2001 and also more than the company“s profit target for the whole of 2002, the company reported. Valmieras Stikla Skiedra, traded on the second list of the Riga Stock Exchange, said in a statement to the bourse the company“s profit during the first five months of this year increased 2.6 times over the same period last year when the profit was LVR 188,600. The five month profit also is by 46.2% higher than the annual profit target of LVR 339,300. During the first five months of the year the company sold products worth LVR 7.62 million, up 17.9% year-on-year. In 2001 Valmieras Stikla Skiedra had LVR 362,300 profit on net sales of LVR 15.113 million. The company“s largest shareholders is Germany“s Glasseiden GmbH Oschatz.

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