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Friday, 04.07.2025, 08:58
Latvijas balzams achieves LVL 29.4 mln in 6 month turnover
Nina Kolyako, BC, Riga, 01.09.2011.
Print version
Print versionThe joint-stock company Latvijas balzams, the largest producer of alcoholic beverages in the Baltic States, achieved LVL 29.4 million in unaudited turnover in the first six months of 2011, which is 17% less than over the same period last year, according to the company's unaudited report submitted to NASDAQ OMX Riga.
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The company's unaudited profit stood at LVL 1.15 million, a 10% decrease on the first half of 2010.
Latvijas balzams sales on the local market fell 10%, on export market – 7%, in the European Union – 13%, in Estonia – 14%, in Lithuania – 8%, writes LETA.
The report states that Latvijas balzams turnover shrank due to an increase in share of bootleg alcohol, increase in excise duties and reduction of economic activity on the company's main markets. In the six months of 2011, the company sold its products mainly in the Baltic states, Russia, Poland, Ukraine, Scandinavia. The company also expanded to new markets in Bulgaria, China, Australia and Kazakhstan.
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