Alcohol, Latvia, Markets and Companies, Transport

The company's turnover decreased 30.3% – from LVL 13.73 million in 2008 to LVL 9.57 million in 2009, writes LETA.

The company's profit in 2007 was LVL 1.22 million, but turnover LVL 9.45 million.

The report of the company's management says that reconstruction of Iecava distillery, launched in 2008, was completed last year, which increased the company's production capacity and improved the grain processing process, the company also launched production of two new fodder products.

The company is planning to reorganize Jaunpagasts distillery so as to reduce bioethanol production costs and also launch production of fodder products at the facility.

The balance total of Jaunpagasts plus increased LVL 3.87 million last year, mostly thanks to an increase in long-term investments as the company had taken out a loan to finance the reconstruction of Iecava distillery. The distillery was put into operation in 2009.

As the management of Jaunpagasts plus admits, although the company's profit increased substantially in 2009, the company did not reduced the amount of debt as much as planned last year due to a postponement of state aid payments.

Jaunpagasts plus was established in 1997, it is one of the largest spirits and bioethanol producers in Latvia. To ensure closed production cycle with environment-friendly end-products, the company also produces alcohol and carbon dioxide.