Madara Cosmetics Posts Eur 1.496 Million in Preliminary 2018 Profit

RIGA, Feb 27 (LETA) - Latvian cosmetics group Madara Cosmetics turned over EUR 9.514 million last year, which is an increase of 28.5 percent against 2017, while the group's profit grew 20 percent year-on-year to EUR 1.496 million, according to preliminary data provided by the company to Nasdaq Riga.

The company's management says in the financial report that the company's development in 2018 was facilitated by strengthening existing market channels and finding new channels, a successful launch of new products and raising brand awareness. Introduced in the beginning of the year, the company's first sunscreen products ranked among the company's most popular products.

In 2018, the company's revenue generated on the domestic market grew 32.6 percent from 2017 to EUR 2.681 million, while sales in the European Union accounted for EUR 5.992 million, up 33.7 percent year-on-year. Revenue generated in other countries...