Valmieras Stikla Skiedra reported audited consolidated earnings results for the year ended December 2017. For the year, consolidated Net Sales were EUR 125.9 million. The consolidated operating profit (EBITDA) was EUR 19.6 Million and that is EUR 1.78 Million or 9% more than in the year 2016. The earnings before interest and taxes (EBIT) reached EUR 8.48 Million and that is EUR 1.2 Million higher than in the year 2016. Consolidated Pre-tax profit reached EUR 8.6 Million in 2017 marking a strong growth of EUR 3.8 million from EUR 4.7 million in 2016. The consolidated net profit of the GROUP in the year 2017 was EUR 8.2 million, or EUR 3.4 million higher compared to the audited net profit of the GROUP in the year 2016. This result was achieved through the excellent sales conditions and the associated higher average prices. The higher output of furnaces and the consistent management of costs also made a significant contribution.

Due to continued strong demand in the fiberglass market and availability of the new capacity in the US, the company expects a strong increase in sales to EUR 162.4 million in 2018. The plant Taking into account the start-up costs in the first half of 2018, EBITDA will increase to EUR 23.6 million. Due to the borrowing to finance the investment of EUR 55 million and the associated financing costs, the net profit in 2018 will temporarily narrow to EUR 4.7 million.