Valmieras stikla šķiedra JSC consolidated net turnover reaches 35.7 million euro

The consolidated net turnover of Valmieras stikla šķiedra JSC and its subsidiaries (hereinafter - Valmiera Glass Group or the Group) in the three months of this year reached 35.7 million euro according to the unaudited consolidated Valmieras stikla šķiedra JSC Q1 2017 financial information. The net turnover increased by 2.58 million euro, or 8%, compared to the same period in 2016, marking the best Q1 of the Group sales so far.

The Group’s EBITDA grew by 13% or 667 thousand euro, compared to the 1st quarter in 2016, reaching 5.67 million euro. Also the EBITDA margin grew by 0.8% year-on-year from 15.1% to 15.9%, accordingly the EBIT grew from 7.4% to 8%. The Group’s unaudited consolidated net profit reached 2.36 million euro, which is a 296 thousand euro year-on-year growth.

The 1st quarter of 2017 was strong, and the Group continued to strengthen its positions in the current markets and raised its turnover. From a product segment perspective, sales volumes increased for high added-value products such as high-concentration SiO2 glass fibre products with temperature resistance of 1000+°C and E-glass fabrics with temperature resistance of 600°C. In the first 3 months of 2017, the total sales of these products grew by 15% on average compared to the same period in 2016. In other product segments, sales volumes were stable or increased a bit.

“The results of the first quarter are of course gratifying; however, we need to continue to work to sustain the growth and reach better and better business results. In order to develop, we are currently focusing on the construction of the new glass fibre furnace and glass fibre production plant in the United States with a capacity of 50,000 tons of dry yarn per year; it will increase the total production capacity and ensure higher production stability. The new modern production infrastructure with the area of 34,000 square metres will be alongside the existing plant with the area of 7,400 square metres,” said Andre Schwiontek, Board Chairman of Valmieras stikla šķiedra JSC.

About Valmiera Glass Group:
Valmieras stikla šķiedra JSC and its subsidiaries (hereinafter referred to as the Valmiera Glass Group or the Group) is one of the leading glass fibre manufacturers in Europe. Valmiera Glass Group companies operate in three countries on two continents: Latvia, the United Kingdom and the United States of America. Valmieras stikla šķiedra JSC production facilities have more than eighty years of experience in textile processing, and their products are aimed at various industrial markets. The Group consists of four companies: the parent company Valmieras stikla šķiedra JSC and its three subsidiary companies - Valmiera Glass UK Ltd. in the United Kingdom, P-D Valmiera Glass USA Corp. and Valmiera Glass USA Trading Corp. in the United States of America.

Contacts:
Marika Nīmante
JSC „Valmieras stikla šķiedra” marketing project manager
Phone: +371 64202276, +371 26635509
Fax: +371 64281216
E-mail: Marika.Nimante@valmiera-glass.com
More information about company: www.valmiera-glass.com