"Liepajas metalurgs" posts LVL 429,851 in profit at a LVL 68 million turnover last year
The joint-stock metallurgical company "Liepajas metalurgs" posted LVL 429,851 in profit last year, according to the company^apostrofs;s report submitted to the Riga Stock Exchange.
The joint-stock metallurgical company "Liepajas metalurgs" posted LVL 429,851 in profit last year, according to the company's report submitted to the Riga Stock Exchange.
The company's net turnover was LVL 68,345,921 last year, equity - LVL 18,640,130, assets amounted to LVL 45,488,399 at the end of 2001.
By comparison with 2000, the company's profit has decreased, while net turnover increased. In 2000, the company's profit was LVL 1,706,619, net turnover - LVL 65,931,084.
The company's profit has decreased after it lost the U.S. market, where the company once exported more than one half of its production, company's exports now go to Europe, Middle East and Latin America, "Liepajas metalurgs's" Kirovs Lipmans explained to LETA.
According to Lipmans, the company's export to the European Union countries complies with the quotas set by the EU, there are no grounds for concern that, due to market protection measures, the EU could considerably curb steel sales. Lipmans declined to disclose what quotas had been set by the EU.
According to Lipmans, no dividends are to be paid from the company's profit last year, the profit will be utilized for modernization of the company.
The company could resume exports to the United States in the second half of the year, Lipmans said. He expects that the company's profit could increase this year, compared to 2001.
It cannot be said currently what effect that the company's financial showings could have on the price for its shares at the stock exchange, because the shares were not traded today. Previously, one share cost LVL 0.15.
"Liepajas metalurgs" shares are traded on the Riga Stock Exchange's Second list.
Mārtiņš Apinis LETA
Copyright © LETA
The company's net turnover was LVL 68,345,921 last year, equity - LVL 18,640,130, assets amounted to LVL 45,488,399 at the end of 2001.
By comparison with 2000, the company's profit has decreased, while net turnover increased. In 2000, the company's profit was LVL 1,706,619, net turnover - LVL 65,931,084.
The company's profit has decreased after it lost the U.S. market, where the company once exported more than one half of its production, company's exports now go to Europe, Middle East and Latin America, "Liepajas metalurgs's" Kirovs Lipmans explained to LETA.
According to Lipmans, the company's export to the European Union countries complies with the quotas set by the EU, there are no grounds for concern that, due to market protection measures, the EU could considerably curb steel sales. Lipmans declined to disclose what quotas had been set by the EU.
According to Lipmans, no dividends are to be paid from the company's profit last year, the profit will be utilized for modernization of the company.
The company could resume exports to the United States in the second half of the year, Lipmans said. He expects that the company's profit could increase this year, compared to 2001.
It cannot be said currently what effect that the company's financial showings could have on the price for its shares at the stock exchange, because the shares were not traded today. Previously, one share cost LVL 0.15.
"Liepajas metalurgs" shares are traded on the Riga Stock Exchange's Second list.
Mārtiņš Apinis LETA
Copyright © LETA
