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Valmieras Stikla Skiedra: 1Q 2005 sales up 2005

Latvian fiberglass producer Valmieras Stikla Skiedra (Valmieras SS) earned LVL 706,800 (EUR 1 million) in profits in the 1Q of 2005, while the company“s revenues from sales of its products reached L…

Latvian fiberglass producer Valmieras Stikla Skiedra (Valmieras SS) earned LVL 706,800 (EUR 1 million) in profits in the 1Q of 2005, while the company“s revenues from sales of its products reached LVL 8.1 million, up 16.6% year-on-year, the company said in a report to the Riga Stock Exchange. Profits for the first three months of 2005 were up 7% on the 1Q 2004, while sales revenues exceeded the target figure by 0.4 %. In 2005, Valmieras SS is aiming for earnings of LVL 2.48 million , which would be 27% higher than in 2004, and would raise turnover by 23% to LVL32.83 million. In 2004, Valmieras SS earned LVL 1.955 million in audited profit, more than double the figure for 2003, while turnover reached LVL 26.771 million. Valmieras SS shares are listed on the second list of the Riga Stock Exchange. Among the largest shareholders of the company are Germany“s P-D Glasseiden Oschatz GmbH (45.3%) and Vitrulan Textilglas GmbH (30.8%) as well as the Scandinavian Skandinavska Eskilden Banken Ab (8%).

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