Baltic Export, Good for Business, Latvia, Markets and Companies, Woodwork

The company's profit reduced by 38% – from EUR 2.65 million in 2012 to EUR 1.62 million in 2013.

Vika Wood management report shows that in 2013, the demand for timber and cellulose remained the same, which in turn had an impact on the prices. The prices for saw logs grew by 13%, but for timber – 8%. The increase in prices for raw materials was not compensated, therefore, the financial indexes are lower than anticipated.

In 2013, Vika Wood produced 275,804 cubic meters of sawn timber, which is 2.1% less than in 2010. 28.14% of the company's products was sold in Japan, 15.49% – in Latvia, 11.48% – in China, 7.66% – Germany, 3.08% – Great Britain, 3.05% – Egypt. The company's products were sold in 19 countries around the world.

The report indicates that in 2013, China presented itself as a new market for timber sales.

Last year, the company invested EUR 440,000 in development.

Vika Wood management forecasts that in 2014, the market situation will remain tense. However, the company's ability to manufacture products with higher added value will allow it to have the necessary cash flows in order to honor all its obligations.