Latvia, Markets and Companies, Metals Market

The company's non-audited consolidated profit reached LVL 2,315,817.

Such a difference is explained by the fact that Liepajas metalurgs made long-term financial investments in Liepajas naglas equity in October 2011. The previous year profit of the mentioned subsidiary, included in Liepajas metalurgs non-audited annual report, as well as the difference between equity capital and acquisition value was indicated in the report as the retained profit of previous years.

According to a sworn auditor, the subsidiary's profit in the amount of LVL 808,444 and the difference between equity capital and acquisition value in the amount of LVL 461,944 is considered Liepajas metalurgs investment profit.

Such changes also affected the calculated deferred tax. It amounted to minus LVL 163,146 in the non-audited annual report and plus LVL 163,238 in the audited annual report. This changed the final result and increased profit by LVL 326,384.

Liepajas metalurgs achieved LVL 221.6 million in consolidated net turnover in 2011, 8.5% or LVL 17.4 million more than in 2010, when the company's net turnover amounted to LVL 204.2 million.