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International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 07:04

Laima’s turnover falls by 7% in 2014

BC, Riga, 05.08.2015.Print version
The joint-stock confectionery Laima posted EUR 10.01 million in turnover last year, a 7% decrease on 2013, reports LETA, according to Firmas.lv data.

The company's profit reduced from EUR 5.75 million in 2013 to EUR 343,328 last year.

 

According to Laima management report, the company's results last year were affected by the same factors as those affecting the entire national economy of Latvia – tensions between the European Union and Russia, Russia's food embargo, residents' low purchasing capacity, and other factors.

 

Nevertheless, Laima continued to successfully expand its product ranges, and changed the design for a number of products.

 

Laima increased exports to more than 37 countries last year, including to the United States, Canada, China, Israel, Great Britain, Ireland, Russia, Belarus, Azerbaijan, Kazakhstan and Turkmenistan. Export accounts for 15% of the company's turnover

 

Laima also continued to invest in modernization of production, and the Chocolate Museum opened last year, which was visited by more than 30,000 people from 47 countries. The museum's turnover amounted to EUR 301,000 in the reporting period.

 

This year, the company is planning to invest EUR 700,000 in production upgrades and improving working conditions for employees, as well as more than EUR 1 million in two new product packaging lines.

 

The company employs about 330 people at the moment.






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