OREANDA-NEWS. May 4, 2012. The Company 's primary business is manufacture and sale of fiberglass and fiberglass products. The production is sold in Europe, USA, Canada, Australia, Russia, Ukraine and the Baltic states, total in 32 countries. 79.0 % of the total production is sold to companies in the European Union; export sales comprise 96 % of total sales.

In the first quarter of 2012 the Company has reached net sales of 11.9 million LVL, that is 9% more than over the same period of 2011, and has gained net profit of 707.7 TLVL, that is 40% more than over the same period of 2011 and 3% above the planed budget.

In the first 3 months of 2012 the sales price has risen for about 3.97% in relation to the first 3 months of 2011 due to the use of products with higher added value. The Sales in the geographical markets for the I. quarter of 2012 are as follows: USA and Canada – an increase of 25 %; Russia and Ukraine – an increase of 79,9 %; other (inc. Switzerland, Croatia and India) – an increase of 72,5 %. In the European Union the sales have been stabile. The company’s customer base has expanded, especially in the U.S. market and in the East.

There has been an evident rise in almost all product groups, especially with construction mash, mats and products with high SiO2 content, with an increase of 52,9 %, 42,01 % and 35,6 % respectively in relation to the I. quarter of 2011.

Taking into account the results of the company in the first quarter of 2012 and the market situation, that is considered stabile, the management maintains the forecast for the company’s’ financial results – in 2012 the net sales could reach 53.5 million LVL and the net profit could reach 2.65 million LVL.

A project for the construction of a new glass furnace is being realized and for it a support contract with the Latvian Investment and Development agency has been signed. The new furnace is intended for the production of high temperature resistance (up to 1000 0C) glass fiber after the latest, most advanced technology. The conclusion of this project is expected for October/November of this year. At this moment the company has signed sales contracts worth 6 million EUR or 1/3 of the engineered capacity of the new furnace. It is planed to sign more sales contracts in the volume of the total the engineered capacity of the new furnace until June.