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International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 14:02

Valmiera Glass Group maintains the record-breaking turnover level in Q1

BC, Riga, 02.05.2016.Print version
Valmieras Stikla Skiedra fiberglass maker and its subsidiaries (Valmiera Glass Group) posted EUR 33.08 million in consolidated net turnover for the first quarter of 2016, maintaining the record-breaking turnover level of the first quarter in 2015, informs LETA, according to the unaudited consolidated interim financial statements of Valmieras Stikla Skiedra for the first three months of this year.

The Group’s consolidated net profit reached EUR 2.06 million in the first quarter of 2016, and EUR 1.32 million have been invested into development – for the modernization of the current technical and technology solutions and for development of new products.

 

During the first three months of 2016, Valmieras Stikla Skiedra exported its products to 37 countries, raising its exports to 97%. The key export markets remained unchanged: the European Union countries (72%), North America (17%) and other countries. Considerable growth is observed in the export market of the North American region, with sales increasing by 37% in the first three months against the same period last year.

 

From a product segment perspective, sales volumes have increased for high added-value products – SiO2 fiberglass products and mats. In the first three months of this year, sales of these products grew by 65% on average compared to the same period in 2015. Sales in other product segments remained stable.

 

Based on the results of the first quarter of 2016 and the overall development trends, the Group’s management maintains the forecasts for both the Group’s planned net turnover of EUR 141 million and the planned net profit of EUR 8.6 million this year. It is planned to invest EUR 6.2 million into the Group’s development in 2016, excluding investments in relation with the production expansion project in the United States of America.

 

"The year 2016 has started for Valmiera Glass Group also with positive business achievements. The construction of a large-scale BJK Vodafone Arena in Istanbul, Turkey, was completed in April, in which Valmiera Glass UK Ltd, a subsidiary of Valmieras Stikla Skiedra, was contracted to supply the roof cover for the building: architectural glass fiber textile membrane. Participation in the large-scale project is a significant achievement for the Valmiera Glass Group that demonstrates that the products made by the Group comply with the modern quality requirements,” the company’s management said.

 

As reported, consolidated turnover of Valmiera Glass Group amounted to EUR 121.19 million in 2015 which was by 12% or EUR 12.75 million more than in 2014. The audited consolidated net profit of Valmiera Glass Group reached EUR 5.48 million last year.






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