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International Internet Magazine. Baltic States news & analytics Sunday, 05.07.2020, 20:53

Sales of Valmiera fiberglass maker down 8.3% in Q1

BC, Riga, 01.06.2020.Print version
Valmieras Stikla Skiedra fiberglass maker in the first quarter of 2020 generated EUR 32.851 million in sales, down 8.3%, ad earned EUR 2.09 million in profit in contrast to a loss a year ago, writes LETA, according to the company's statement submitted to the Nasdaq Riga stock exchange.

The concern's parent company in the first quarter of this year posted EUR 26.392 million in sales, off 0.3% year-on-year, while the company's profit increased 12% to EUR 2.141 million.

Valmiera Glass UK Ltd in the said period reported EUR 6.068 million in profit, down 7.1%, while the company's profit doubled to EUR 955,044. P-D Valmiera Glass USA Corp reported EUR 1.761 million in turnover in the first quarter of this year, which is 6.2 times less from a year ago, while the company sustained loss worth EUR 1.772 million, down 2.9 times.

In the first three months of 2020, products manufactured by Valmieras Stikla Skiedra were exported to 37 countries across the world, with an export share of 97%. The company's key sales markets in the reporting period was as follows: 69% of the total output was sold in the European Union and the UK, 15% in North America, 2% in CIS countries and 14% in other export countries (including Switzerland, Japan, South Korea, UAE, Australia etc.).

Due to coronavirus (COVID-19) related shifts in the market the company has revised its budget and estimates sales to decrease overall by 20% in 2020, reaching the most significant decrease in the months of May and June. The company expects declining sales in automotive and composite segments across Asia and Europe, as well as a significant but temporary decrease in the demand in the construction segment in Italy, Spain, France and Eastern Europe, and a more moderate decrease in other European countries. A moderate decrease is also observed and further estimated for the thermal insulation segment. It is also expected that sales in other regions – North America and CIS – will be negatively affected as an outcome of the implemented measures to restrict the spread of the virus.  

As reported, Valmieras Stikla Skiedra fiberglass producer closed 2019 with EUR 122.013 million in turnover, while the concern's loss reached EUR 14.383 million.

Valmieras Stikla Skiedra group comprises the parent company Valmieras Stikla Skiedra and its three subsidiaries: Valmiera Glass UK Ltd. in the United Kingdom, Valmiera Glass USA Corp. and Valmiera Glass USA Trading Corp. in the United States. Valmieras Stikla Skiedra shares are quoted on the Secondary List of the Nasdaq Riga stock exchange.

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