Alcohol, Baltic Export, Latvia, Markets and Companies

The turnover growth has been achieved by launching new products, establishing collaboration with new partners and a solid teamwork, the company said.

The unaudited profit for the reporting period reached EUR 1.2 million that represents a 12% decrease versus the first quarter of 2015 that caused by decrease of sales in the most profitable markets, as well as development of a platform for future growth in other export markets by investing in advertising and sales promo activities for Latvijas Balzams branded products.

Latvijas Balzams during the first quarter of 2016 paid EUR 13.1 million to the state budget, including excise tax, amounting to EUR 9.9 million.

As Latvijas Balzams’ outlook for the year ahead is caution as the impact of the situation in Russia, with the price of oil coupled with the slow down in China and the uncertainty around the EU is expected to dampen growth in 2016.

The company will continue its purposeful focus on the achievement of objectives in both domestic and export markets. The company’s priorities will continue to be to focus on our domestic business, on building our international brands, and on implementation of effective production strategy to increase the company`s competitiveness.

Latvijas Balzams closed 2015 with EUR 73.79 million in turnover, up 1% from 2014, while its profit contracted 11% to EUR 7.06 million.

Founded in 1900, Latvijas Balzams makes over 100 kinds of beverages and supplies its products to more than 100 world countries. It is the largest producer of alcoholic drinks in the Baltics.

Latvijas Balzams shares are quoted on the Secondary List of the Nasdaq Riga stock exchange.