Latvia, Markets and Companies, Woodwork
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Saturday, 20.04.2024, 15:39
Q1 turnover of LVM forest manager profit drops
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According to the
management reported enclosed to the interim financial statements, in the first
quarter of 2016 LVM had sold 1.4 mln cubic meters of timber. Timber sales
increased and so did total costs but production cost per unit has decreased due
to optimization of the delivery arrangements and improved production
efficiency.
In the first quarter of
this year, LVM also sold 3.9 mln saplings, down from 5.6 mln saplings sold
during the same period last year.
LVM invested EUR 4.8 mln
in development in the first quarter of 2016, of which EUR 3.3 mln were invested
in construction of forest roads and renovation of drainage systems.
As reported, LVM posted
a turnover of EUR 261.55 mln for 2015, down 5 percent from 2014, and its profit
fell 21 percent year-on-year to EUR 59.3 mln.
LVM manages 1.63 mln
hectares of state-owned forest land and every year puts on the market 5-7 mln
cubic meters of timber.
The Agriculture Ministry
holds 100% of LVM shares on behalf of the Latvian state.
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