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Tuesday, 23.04.2024, 21:07
Latvian plywood maker Verems posts EUR 8 mln profit for 2017
BC, Riga, 23.04.2018.
Print version
Print versionVerems, the plywood-producing subsidiary of Latvia's largest wood-processing company Latvijas Finieris (Latvian Veneer), in 2017 generated EUR 32.804 million in turnover, up 1.9% from 2016, and raised its profit 26.6% to EUR 8.091 million, writes LETA, according to Firmas.lv business information website.
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The company said that it had increased plywood output last year, which, combined with improvements to the production processes, had enabled it to remain profitable also in 2017.
In 2018 Verems expects to maintain production at the current level and to invest EUR 2.4 million in development.
In 2016, Verems made a profit of EUR 6.393 million at a 22.1% increase from 2015, and its turnover grew 7.8% to EUR 32.196 million.
Verems is fully-owned by Latvijas Finieris.
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