Valmieras Stikla Skiedra Group Reports Eur 14.9 Million Unaudited Loss for 2018

RIGA, Feb 28 (LETA) - Valmieras Stikla Skiedra fiberglass maker turned over EUR 112.983 million in 2018, down 10.2 percent from 2017, and sustained a loss of EUR 14.991 million in contrast to a profit made the year before, according to the company's unaudited statement to Nasdaq Riga.

The group's management said that turnover declined in 2018 due to a shortage of internal materials supply and the delay in ramp up in the US.

"Contrary to the practice of the previous years, the management consistently paid attention to the margin on purchased traded goods and semi-finished products, so that despite the lower absolute sales levels, the European companies were able to achieve their earnings targets. In general, the demand situation was such that the planned turnover was reachable if production goals had been attained," Valmieras Stikla Skiedra management said.

The company's managers also indicated that contrary to the forecasts of the previous report, the turnover of the US company in 2018 could not be achieved. The main reasons were above all the still unstable personnel situation and the inconsistent management of technical problems in all areas of production. This was taken into account in the third quarter of 2018 and in January 2019, during which the entire operational management board was swapped out and key management positions were also replaced.

In 2018, products manufactured by, Valmieras Stikla Skiedra, the parent company of the group, were exported to 47 countries across the world, with the export share...