Valmieras stikla šķiedra JSC consolidated net sales reach EUR 97.59 million

In the first 9 months of 2017, the consolidated net sales of Valmieras stikla šķiedra JSC and its subsidiary companies (hereinafter referred to as Valmiera Glass Group or the Group) reached EUR 97.59 million. Despite the high demand for the company’s production, net sales has remained at the same level as in the same period of last year due to limited opportunity for sales growth caused by the limited production capacity taking place until the melting equipment is put into operation in the US.

The Group's consolidated net profit in the 9 months of 2017 reached 6.65 million euros and is 48% higher than in the same period of last year. Whereas, the Group’s EBITDA grew by 14% or EUR 1.91 million, compared to the 3 quarters of 2016, reaching EUR 15.44 million.

“With the Group’s current capacity we cannot fulfill all of our clients’ received orders. The new US production will help us to improve our supply position and serve customers demand,” says Andre Schwiontek, Chairman of the Management Board of Valmieras stikla šķiedra JSC.

In the reporting period, the main focus of investment has been the construction of a new glass fibre production furnace at P-D Valmiera Glass USA Corp. and the construction of a glass fibre processing plant in the USA. The implementation of this large-scale project is in line with the plan, and it is expected that the heating of the new glass melting furnace will be launched at the end of this year.

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 Upnere
JSC „Valmieras stikla šķiedra” marketing project manager
Phone: +371 64202276
E-mail: Marika.Upnere@valmiera-glass.com
More information about company: www.valmiera-glass.com