Estonia, Investments, Latvia, Markets and Companies, Woodwork

While last June CEO Ruth Grunthal told BNS that she hoped that the company's revenue will grow 180% to 23 million euros in 2017, in reality the revenue grew by 115.6%. The company sold 14 million euros' worth of goods to Latvia and 3.4 million euros' worth of products to Estonia. Of the sales, 12.7 million euros was made up of plywood sales, 2.3 million euros of veneer sales and 2.5 million euros of the sales of other products, it can be seen from the company's annual report.

Last year the company invested 3.4 million euros in fixed assets, took out a loan worth 5.9 million euros and paid interest rates worth 1.3 million euros.

In 2017 the company's workforce increased by 104 to 254 workers and labor costs by 219.5% to 5.7 million euros.

The company's goal for 2018 is to increase plywood production, and in two years the company plans to produce plywood at full capacity, the management said in the report.

As in 2016 the company's loss totaled 6.6 million euros, the aggregate loss now totals 10.6 million euros, which is covered by the holding value of 27 million euros.