During the first half of 2016, Valmiera Glass Group reached a consolidated net turnover of 66.70 million euro, which is 1.82 million euro or 2.6% less than in the same period last year. The decrease in turnover is related to the short-term functioning problems of one glass melting furnace at parent company JSC “Valmieras stikla šķiedra”. At the same time a record number of orders were reached during the first half of this year. Valmiera Glass Group, considering consistently high demand for the company's various glass fibre products and the intensive development of the global glass fibre market, forecasts that at the end of 2016 the company will exceed consolidated net turnover record number achieved in 2015.
Andre Schwiontek, the Chairman of the Board of JSC “Valmieras stikla šķiedra”: “In the first half of the current year one of glass melting furnace went out of order and we was forced to suspend its operation for two weeks, afterwards resuming at 70% production capacity and planning for a complete reconstruction of the furnace in August of the current year. After reconstruction it will operate at an additional 30% capacity.
Progress of the companies of the Group in the acquisition of export markets has been successful. Compared to previous years, this year the Group reached a record number of orders, but still the demand for products has been larger than we have been able to deliver to customers. Thereby currently we purposefully focus on increasing production capacity of glass fibre products, both by restoring the damaged glass melting furnace, as well as by building another furnace for a unique and patented type of glass in the world. We are glad that thereby we will manage to increase the total sales volumes already in September of the current year and develop new and unique products for the global glass fibre market, with heat stability 800ºC. That will strengthen even more the position of Valmiera Glass Group and thus the Group will be the only company in the world that can offer such a wide range of glass fibre products for the heat insulation market.”
In the first six months of the current year, the Group has been successful in export markets, consolidated net profit of the Group reached 3.16 million euro, while 5.66 million euro were invested into development. The key export markets have remained unchanged: European Union countries (75%), North America (13%), CIS countries (4%) and other countries (8%). A sales increase has been observed in the North America export market.
Valmiera Glass Group forecasts the consolidated net turnover of the Group for 2016 in the amount of 134 to 138 million euro, and consolidated net profit in the amount of 6.5 to 7.5 million euro.
About the Valmiera Glass Group:
JSC “Valmieras stikla šķiedra” and its subsidiaries (hereinafter “the Valmiera Glass Group” or “the Group”) are among the leading glass fiber manufacturers in Europe. The Valmiera Glass Group companies operate in two continents and in three countries: Latvia, the United Kingdom and the United States. JSC “Valmieras stikla šķiedra” production facilities have more than eighty years of experience in textile processing, and their products are aimed at various industrial markets. The Group is composed of four companies: the parent company JSC “Valmieras stikla šķiedra” and its three subsidiaries – Valmiera Glass UK Ltd. in the United Kingdom, Valmiera Glass USA Corp. and Valmiera Glass USA Trading Corp. in the United States of America.
Contacts: Marika Nīmante JSC „Valmieras stikla šķiedra” marketing project manager Phone: +371 64202276, +371 26635509 Fax: +371 64281216 E-mail: Marika.Nimante@valmiera-glass.com More information about company: www.valmiera-glass.com
