Joint-stock company Valmieras stikla skiedra (Valmiera Fiberglass, VSS) posted LVL 10.8 million in net turnover in the first quarter of 2011, which is LVL 1.4 million or 14.8% more than planned. VSS n…
Joint-stock company Valmieras stikla skiedra (Valmiera Fiberglass, VSS) posted LVL 10.8 million in net turnover in the first quarter of 2011, which is LVL 1.4 million or 14.8% more than planned. VSS net profit projection was exceeded by LVL 0.66 million and amounted to LVL 0.5 million, according to the company“s unaudited report. The company“s EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) amounted to LVL 2.1 million, which is 45.5% more than over the same period last year. The company“s EBIT (Earnings Before Interest and Taxes) amounted to LVL 0.84 million, which is LVL 0.52 million or 158.4% more than in the respective period of time last year and LVL 0.66 million more than expected. VSS results improved thanks to a better market situation and successful marketing strategy. The company“s sales grew 33% in the European Union and 25% in the US and Canada. According to the company, turnover will reach LVL 45 million this year, and profit LVL 1.4 million. VSS sales in the first quarter of 2011 were mainly fiberglass, fiberglass threads and rovings. As reported, VSS turnover in 2010 was LVL 39.2 million, which is 29.5% more than in 2009, at LVL 30.26 million, according to the company“s unaudited report. VSS closed 2010 with LVL 595,309 in profit, which is 3,131.5% more than in 2009, when the company earned LVL 18,422.