OREANDA-NEWS. July 30, 2013. JSC Latvia’s State Forests (LVM) has transferred LVL 34.7 million (USD 65.2 million) from its 2012 profit in dividends to the company’s owner the Latvian State, as the company said in the press release received by Lesprom Network.

LVM turned over LVL 178.1 million (USD 334.6 million) in 2012. The company’s profit amounted to LVL 38.5 million (USD 72.3 million).

Establishment of the State Stock Company “Latvia’s State Forests” was determined by an order of the Cabinet of the Republic of Latvia issued in October 1999. At present the LVM manages commercially usable state-owned forests and, alongside with the forest management that includes timber selling, the LVM develops other kinds of activities as well. It offers hunting and recreation facilities and obtains seeds and planting stock to ensure forest regeneration.