OREANDA-NEWS. The unaudited turnover of the Company in the first half of 2014 was 45.1 million Euros, which is 2.5% less than in the first half of 2013. The turnover in the domestic market decreased by 2.2% due to changes in the beverage portfolio. Also the export by the orders of SPI Group has decreased by 3.5%. The most significant increase in sales was achieved in the Baltic countries and in Retail Travel and Duty-free market (+13%).

The unaudited profit for the reporting period reached 2.6 million Euros, which represents 27% growth versus the first half of 2013. The result was achieved through focused development of the beverage portfolio and production process efficiency.

During the first half of 2014, JSC Latvijas balzams paid 24.4 million Euros into the state budget, including excise tax, amounting to 17.7 million Euros.

Outlook of Future Activities

The main objectives for this year for the Company has been to focus on the new and competitive products for both domestic and export markets, ongoing implementation of sustainable export strategy and development of strong international brands.

By active participation in the Industry Association, the Company will represent the interests of industry in the dialogue with legislators and law enforcement institutions, and promote advised policy development in the alcohol market. The Company, as a member of the Latvian Alcoholic Beverage Industry Association, will continue to focus on combat distribution of non-commercial alcoholic beverages in Latvia.

To ensure sustainable development of the Company, production efficiency, cost control and process optimization in logistics, implementation of innovative and environmentally friendly solutions will remain the key focus areas to increase the Company's competitiveness.