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International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 14:17

Smiltenes Piens increases turnover and profit despite Russia's embargo in 2014

BC, Riga, 12.05.2015.Print version
The Latvian dairy processing company Smiltenes Piens turned over EUR 16.560 million in 2014, which is 9.63% more than in 2013, when the company turned over EUR 15.104 million, reports LETA, according to Firmas.lv information.

The company's profit last year grew 9.27% – from EUR 659,364 in 2013 to EUR 720,514 in 2014.

 

The company's management report indicates that in August 2014, Smiltenes Piens was forced to discontinue exports to Russia due to the country's embargo. It was a major loss for the company, as exports to Russia amounted to 19% of the company's total export volume, however, Smiltenes Piens managed to acquire new export markets in other countries, including Moldova, Belarus, and Israel.

 

Smiltenes Piens was founded in 1993. Its share capital is EUR 472,962. The company has 113 employees.






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