LIEPAJA - Liepajas Metalurgs, the largest steelworks company in Latvia, generated sales of nearly 150 million lats (213.4 million euros) for 2004, up 25 percent on 2003, while earnings doubled to some 4.8 million lats, the company's chief economist Benita Imbovica said.
She attributed 2004's profit to growth in company production and work improvement and is expecting volumes to reach this same level in 2005, while net sales should be somewhat lower.
Imbovica refused to reveal precise figures since the data had yet to be submitted to the Riga Stock Exchange.
The company last year produced a record-high amount of steel at 551,300 tons, up 1.4 percent on 2003, more than 620,000 tons of rolled metal, up 5.1 percent, and over 25,000 tons of wires, up 38.8 percent.
Liepajas Metalurgs' annual development investments have reached 4.5 million 's 5 million lats, while some 15 million lats are needed for maintenance and equipment repair. The company still plans to invest some 11 million euros for updating its steel production facility by the end of the year.
The process is running along smoothly, as updating-intent protocols have already been signed while work contracts are waiting in line. Ideas are also being discussed on how to tackle the power-supply increase issue, required for the company's further development.
In 2003 LM had 93 million lats sales and 2.4 million lats in profit. The company exports 95 percent of its output.
