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Latvian Eco Baltia grupa turned over EUR 55 mln in 2013

BC, Riga, 06.05.2015.Print version
Waste and environmental management Group Eco Baltia grupa increased its total turnover about 7% in 2014, reaching approximately EUR 55 million, the Group's CEO Maris Simanovics told LETA.

"This is an excellent result, taking into account that in 2014 the company's economic growth was not very strong," says Simanovics.

 

The falling oil price, too, affected the price of the company's PET flakes and polymer goods. The price of PET flakes, as compared with the last year's price, has reduced by about 20%. The current oil price and polymer market have stabilized, however, the company will continue to monitor these processes.

 

The CEO of Eco Baltia grupa is cautious about this year: "It seems that the economy of Latvia is beginning to fall, as, for example, low domestic consumption, transport flow to Latvia, transit to Russia, and demand in Europe have reduced. Thus, I would like to remain cautious about this year, maintaining the turnover on same level as last year," Simanovics explains.

 

As reported, Eco Baltia grupa achieved the highest turnover in the group's history last year – EUR 51.01 million, however, the Group also suffered losses that occurred due to overestimation of intangible assets.

 

In 2013, the Group changed its methodology for estimating intangible assets, which eventually led to overestimation and losses of more than EUR 10 million. The group's profit before intangible assets were written off was more than EUR 3.12 million, however, due to the overestimation of intangible assets, the group concluded 2013 with losses of EUR 6.8 million.






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