LV: Latvian State Forests turnover up by 54% y/y in H1.

By bne IntelliNews October 14, 2010
According to the company's announcement, turnover of the state-owned agency Latvijas Valsts Mezi (Latvian State Forests) amounted to LVL 96.9mn (EUR 137.9mn) in H1, up by 54% y/y. Agency attributed the increase to gradual rise in market prices for round timber due to stabilising economic situation and growth of the timber industry. In H1, 4.3mn m3 of timber were sold (up by 19.4% y/y), out of which 2.9mn m3 to processing companies. In 2009 LVM's net profit was LVL 33.2mn, down by 36% y/y. Company revenues increased by 4.5% last year to LVL 156mn. LVM is in charge of managing state forestry, dividing timber quotas, etc. Its shares are held by the Ministry of Agriculture.

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