EU – Baltic States, Latvia, Legislation, Railways, Transport

"Right now we are manufacturing new rolling stock for Russian and Belarusian railroads, which though are railbuses, not trains," informs Kamaruts. "The current market situation requires lightning-speed reaction and using what opportunities there are on the market. After the crisis, there has been comparatively high demand for train modernization and repairs, which we are planning to commence in the near future," said Kamaruts.

Kamaruts also says that if Spanish manufacturer Construcciones y Auxiliares de Ferrocarile (CAF) decides not to make trains for Latvia after all, it will not cause any problems for RVR.

"CAF is just one of the opportunities, which, of course, would have been very important given the situation we are in – we could manufacture trains for the Latvian market," adds Kamaruts.

According to data from "Firmas.lv", RVR posted LVL 2.098 million in consolidated losses in 2011 – 61% more than in 2010.

RVR's consolidated turnover in 2011 was LVL 772,191, a 68.4% fall from 2010.

Commenting these data, the likely results for 2012 and projections for 2013, Kamaruts says that RVR is working on new contracts that will significantly improve the company's results in 2013 and following years.

Work on the company's 2012 report continues, and the report will be released as soon as it is ready – most probably, in June. The past few years, the company has been optimizing costs and received support from shareholders to survive the crisis, adds Kamaruts.

Also, the company does work for several customers and is in talks with several prospective customers both in the European Union and in C.I.S. countries, informs Kamaruts.

Kamaruts was appointed chairman of the RVR board during the company's shareholders meeting in mid-March. Also, Irina Rudzate and German citizen Michael Krege were appointed RVR board members.