Analytics, Latvia, Markets and Companies

Profit of the company last year amounted to LVL 5.4 million, which is 11% less than in 2006. The enterprise produced 199,000 cubic meters of plywood last year, informs LETA.

LF produce is being exported to over 40 countries. There has been developed a network of enterprise's regional sales branches outside Latvia – in the United Kingdom, Germany, Sweden, France, Italy, Spain, Netherlands, Finland, United States and Japan.

As reported, last year Latvijas Finieris implemented several major projects, among which was also the opening of the new plywood production plant in its subsidiary Verems Ltd.

The new production facility is equipped with highest class wood-processing equipment and is one of Europe's most modern factories.

In October 2007, the company launched construction work for a new thin plywood material production plant in Ukmerge, Lithuania. Production capacity of the new plant, that is set to start operations in the last quarter of next year, would be 85,000 cubic meters per year, as Bikis informed.

This year, Latvijas Finieris plans to achieve production output of 220,000 cubic meters. The concern's turnover is planned to reach LVL 145 million, but net profit – LVL 6 million.

The company will also continue modernizing its production and further developing its products. Investments in the concern are planned at LVL 37.4 million, as LETA learned from the company's representative.