Valmieras Stikla Skiedra sees 2008 net profit of LVL 0.8 million

For the first 8 months of 2008, Latvian fiberglass manufacturer Valmieras stikla skiedra announced net profit of LVL 592,000 (EUR 842,000). Net turnover was LVL 27.445 million (EUR 39.05 million). EBI…

For the first 8 months of 2008, Latvian fiberglass manufacturer Valmieras stikla skiedra announced net profit of LVL 592,000 (EUR 842,000). Net turnover was LVL 27.445 million (EUR 39.05 million). EBITDA was 20% of gross income or LVL 5.69 million (EUR 8.1 million). The company launched an investment project of LVL 7.4 million (EUR 10.5 million), which is to be finished in the next six months. Shareholders have supported the reconstruction of a glass fiber furnace and increase of its output by 50%. Despite the enormous amortisation/depreciation, which increased by more than 50% after the investments of 2006 (LVL 24 million/EUR 36 million), the company expects to close 2008 with a net profit of LVL 800,000 (EUR 1.138 million), while gross turnover is to reach about LVL 41 million (EUR 58 million).