Latvian Valmiera Glass Fibre said its full year 1999 sales were 13.5 million lats, up from 12.5 million lats in 1998.
“Our (1999) gross turnover came to 13.7 million, with the net figure at 13.5 mill…
Latvian Valmiera Glass Fibre said its full year 1999 sales were 13.5 million lats, up from 12.5 million lats in 1998. “Our (1999) gross turnover came to 13.7 million, with the net figure at 13.5 million lats…and full year profit is expected at 600,000 lats,” said Valmiera finance manager Imants Saulitis. The firm said earlier it would undershoot its original profit target, of 750,000 lats, due mark and Euro fluctuations against the lat and saw 600,000 lats as more realistic. Valmiera, with more than 50% of its market in Germany, has lost some 200,000 lats during 1999 on both mark and Euro currency fluctuations against the lat. “If the current mark rate persists, we would have to increase sales by some 2.5 million marks just to keep traditional sales volumes in Germany,” Saulitis said.