RIGA, Feb 29 (LETA) - In 2019, the consolidated net sales of Valmieras Stikla Skiedra (Valmieras SS) and its subsidiaries reached EUR 122 million, demonstrating an increase of EUR 7.8 million or 6.8 percent, according to the company's unaudited financial report submitted to the Nasdaq Riga stock exchange.

Meanwhile, Valmieras SS standalone net sales in 2019 were EUR 100 million, growing 0.5 percent from 2018.

Compared to 2018, the group's EBITDA indicator has improved and amounted to EUR 1.1 million, but EBIT and net profit indicators remained negative in the amount of EUR 8.8 million and EUR 5 million, respectively.

In both 2018 and 2019, the group's EBITDA, EBIT and net result indicators were negatively affected by the weak financial performance of the US subsidiary. Meanwhile, the group's parent company Valmieras SS achieved EBITDA of EUR 13.2 million and EBIT of EUR 3.7 million, while its net result is negative in the amount of EUR 0.4 million due to significant costs related to the financial restructuring during the year 2019.

In 2019, products manufactured by Valmieras SS, the parent company of the group, were exported to 51 country across the world, with the export share of 97 percent. During the year, there have been no significant changes in the key markets of the Valmiera Glass Group: 72 percent of the total output was sold in European Union countries, 15 percent in North America, 2 percent in CIS countries and 11 percent in other export countries (including Switzerland, Japan, South Korea, UAE, etc.).

In 2019 Valmiera Glass Group employed 1,313 employees on average.

Valmieras Stikla Skiedra group comprises the parent company Valmieras Stikla Skiedra and its three subsidiaries: Valmiera Glass UK Ltd. in the United Kingdom, Valmiera Glass USA Corp. and Valmiera Glass USA Trading Corp. in the United States. Valmieras Stikla Skiedra shares are quoted on the Secondary List of the Nasdaq Riga stock exchange.

© Pakistan Press International, source Asianet-Pakistan