11 March 1999: Latvian Valmiera Glass Fibre said its turnover for the first two months of the year totalled 1.97 million lats.
Imants Saulitis, Valmiera finance manager, also said the company was pla…
11 March 1999: Latvian Valmiera Glass Fibre said its turnover for the first two months of the year totalled 1.97 million lats. Imants Saulitis, Valmiera finance manager, also said the company was planning 1.7 million-lats-worth of investments in 1999 for new technology and machinery, although the plan must be approved by the supervisory board and shareholders. “If we look at the first two months of 1998 and 1999, turnover grew by 12%,” Saulitis said. The company said earlier its January turnover was 1.072 million lats and that it expects full-year 1999 sales of 12.7 million lats. Saulitis also said 1.2 million lats in 1999 investments would come from the firm“s strategic investor, German Glasseiden GmbH Oshatz, which owns 49% of the Latvian firm, and 500,000 lats from 1998 profits. Final figures for last year“s profits have not been announced, although the company has said it expects them to be around 970,000 to 980,000 lats. Valmiera“s supervisory board is meeting on 20 March and is to decide on a final dividend proposal, which Saulitis said he expected to be 1.5 santimes per share. Valmiera shareholders are due to meet on 24 April to approve the dividend proposal and investment plans. Valmiera posted a 1997 net profit of 740,661 lats and paid a dividend for the year of 1.3 santimes per share.