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Valmieras Stikla Skiedra sales

Fibreglass producer Valmieras Stikla Skiedra (Valmiera Fiberglass) this January sold products worth LVR 1.248 million (EUR 2.248 mln), down 6.1% year-on-year. Valmiera Fiberglass financial director Im…

Fibreglass producer Valmieras Stikla Skiedra (Valmiera Fiberglass) this January sold products worth LVR 1.248 million (EUR 2.248 mln), down 6.1% year-on-year. Valmiera Fiberglass financial director Imants Saulitis explained the reduction by minor changes on the market where fibreglass supply has outgrown the demand therefore prices dropped a little and other costs increased. Saulitis said that the market situation changes involving increased supply were observed already last fall and are expected to last till fall this year when the supply and the demand are likely to level out. Valmiera Fiberglass financial director said sales this January were also down month-on-month as the new fibreglass production facility has not been put into full commission yet. “But we will achieve planned gross sales this year,” stated Saulitis. In 2002 the company expects annual sales at LVR 17.9 million. Last year Valmiera Fiberglass sold products worth LVR 15.334 million. Its net turnover was LVR 15.2 million and unaudited profit is estimated at some LVR 240,000. Shares in Valmiera Fiberglass are quoted on the second list of the Riga Stock Exchange. There are 11.49 million shares registered with the Latvian Central Depository of Securities. Germany“s Glasseiden GmbH Oshatz is the largest shareholder in the Latvian fibreglass producer.

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