Banner
Falorni Tech Glass Melting Technology
Filtraglass

Valmiera profit grows

Latvian fibreglass producer Valmieras Stikla Skiedra seven months net profit of this year reached LVR 685,500, a huge growth of 261% or LVR 407,300 compared to 2001.
The company said in its report to…

Latvian fibreglass producer Valmieras Stikla Skiedra seven months net profit of this year reached LVR 685,500, a huge growth of 261% or LVR 407,300 compared to 2001. The company said in its report to Riga Stock Exchange that its seven-month net turnover in 2002 was LVR 10.981 million, up 19.7% or LVR 1.81 million from the same period in 2001. Valmieras SS said the growth was due to the new fibreglass production facility which was put into operation only in early October 2001. The company also benefited from exchange rates now favourable in its main foreign sales markets in the euro zone and cost-saving measures. In seven months of 2001 Valmieras SS posted net profit of LVR 251,200 on a net turnover of LVR 9.17 million. The company“s 2002 seven-month profit has already doubled from the annual target figure of LVR 339,300, and actual January-July net turnover makes up 62% of the planned annual turnover in the amount of 17.77 million Shares in Valmieras SS are quoted on the second list of Riga Stock Exchange. The largest shareholder in the company is Germany“s Glasseiden GmbH Oshatz.

Sign up for free to the glassOnline.com daily newsletter

Subscribe now to our daily newsletter for full coverage of everything you need to know about the world glass industry!

We don't send spam! Read our Privacy Policy for more information.

Share this article
Related news