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International Internet Magazine. Baltic States news & analytics Saturday, 15.08.2020, 11:31

Laci bakery in Latvia raises profit by 46% in 2019

BC, Riga, 28.07.2020.Print version
Latvia’s Laci bakery turned over EUR 8.646 million in 2019, which is a rise of 4 percent against a year before, while the company's profit expanded 46 percent to EUR 239,816, writes LETA, according to information available at Firmas.lv.

The company's management reported that the bakery's operations were successful in 2019, as Laci increased both its turnover and profit. The profit growth was achieved thanks to increased productivity and efficiency, cost saving measures, as well as changes made to the product portfolio. 


In 2020, Laci plans to renovate buildings and upgrade infrastructure, purchase new fixed assets, work on attracting new clients and expanding to new export markets. The company will be developing new products and scrap unprofitable products from its portfolio. 


The company's management admitted that the restrictions introduced to curb the spread of the new coronavirus have been affecting Laci's operations, as consumers have become more cautious.

Exports have also been seriously restricted even though the state of emergency is over, the Laci management said.


The bakery's turnover is therefore expected to slightly decline this year. 


Laci closed 2018 with EUR 8.314 million in turnover, which rose 2.1 percent from a year before, while the company's profit grew 23.9 percent to EUR 164,254. 


Founded in 1995, Laci is fully owned by Normunds Skaugis.






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