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International Internet Magazine. Baltic States news & analytics Friday, 14.08.2020, 11:47

Latvijas Finieris sees turnover drop 9.2% in 2019

BC, Riga, 16.06.2020.Print version
Latvijas Finieris birch plywood producer turned over EUR 226.377 million in 2019, down 9.2 percent from a year before, while the company's profit contracted 26.6 percent to EUR 8.798 million, writes LETA, according to information available at Firmas.lv.

The company's management said in a statement that turnover reduced last year as sales growth in the company's main markets in Europe and elsewhere in the world slowed in line with macroeconomic forecasts made at the beginning of 2019.


To compensate for the revenue drop, Latvijas Finieris has been consistently implementing cost saving programs, nearly eliminating the negative impact on the company's profitability. 


In 2019, Latvijas Finieris relaunched the operations of product development and marketing company Riga Wood North America in the US with the aim to boost the position of RIGA birch plywood in the North America market. 


Last year, Latvijas Finieris invested EUR 10.1 million in development. 


Although the company's management admits that predicting long-term consequences of the Covid-19 pandemic on the company's main markets in Europe is not possible, Latvijas Finieris believes it will maintain its competitiveness and remain stable also in the future.


As reported, Latvijas Finieris turned over EUR 249.238 million in 2018, which is an increase of 11 percent against a year before, while the company’s profit grew 23.5 percent year-on-year to EUR 14.682 million, according to information available at Firmas.lv.


Latvijas Finieris, established in 1992, produces and sells birch plywood products and provides related services to its customers. Latvijas Finieris is also active in forest management, logging and production of synthetic resin and phenol films. 







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