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Saturday 26.05.2018 | Name days: Varis, Eduards, Edvards

airBaltic passenger turnover drops 2%

In March 2011, the Latvian airline airBaltic carried 233 033 passengers from Riga, Vilnius and Tallinn, which is by 2% less than during the same period last year.

Swedish Interspiro to base production in Liepaja

It is planned to merge three Interspiro production facilities into a single factory based in Latvia. The production transfer from Sweden and the United States to Liepaja is likely to take place by the end of November 2011.

Competence centres to develop new products for 37.37 million lats

With the European Union's support, six competence centres will start operating in Latvia, conducting more than 120 significant studies of the national economy in five years’ time. The total funding of the project hits 37.37 million lats to be invested by 2015.

DHL Freight cargo volumes surge 55%

Comparing this year’s first quarter with the corresponding period last year, the cargo traffic volume of the company DHL Freight has grown by 55%, while the turnover – by 65%, according to the company.

Exports comprise 30% of AS Rīgas Dzirnavnieks turnover

The company AS Rīgas Dzirnavnieks concluded the year 2010 with a turnover of 14 million lats, which is at the level of 2009. While the total export volume last year accounted for 30% of its turnover, the company’s representatives inform the business news BNN.

Profit grows despite the turnover drop

Considering the turnover drop by 37%, companies concluded 2010 with a profit, which is contrary to losses in 2009, according to the 8 400 companies’ annual reports submitted to Lursoft.

Baltkom finds investor and wants to acquire IZZI

The cable television and electronic communication company Baltkom has announced it abandons plans to merge with the cable TV provider IZZI and now is willing to acquire 100% of its shares.

Businessmen await FSC-certified wood

Wood manufacturers and wood product buyers are eagerly waiting for the company Latvian State Forests to resume the trade of round timber classified with the Forest Stewardship Council certificate.

Latvian exports to Germany outpace pre-crisis levels

Last year, exports to Germany totalled 538 million euro, which is the highest indicator in the history of Latvia-Germany relations. In 2010, exports grew 31%, compared to 2009, at the same time exceeding the pre-crisis exports in 2007 by 15%

Number of registered commercial pledges shrinks 8.55%

Over the first quarter of this year, 1 112 commercial pledges were registered with the total maximum amount of claims hitting 2 593.99 million lats. Compared to the first three quarters of 2009, this year the commercial pledge volume has dropped by 8.55%, but the total sum – by 6.24%.

Dairy industry representative: people buy price, not product

Dairy production output dropped 15% on average during the past year, according to Latvian Dairy Producers' Central Union's data on February 2011, compared to the same period a year ago. Moreover, people are more carefully assessing what products to choose, turning especial attention to special offers and prices.

Tariffs could be reduced at the expense of cheap Daugava HPP electricity

An alternative to the much disputed Latvenergo tariffs rise is amending the Electricity Market Law adopted in 2008. This way the river Daugava hydroelectric power plant electricity would be cheaper, thus consumers would have to pay less as well, according to the Public Utilities Commission Board member Edvīns Karnītis.

Banks start writing off debts

Several banks of Latvia have started writing off debts, for example, the state-owned Hipotēku banka (Mortgage Bank) wrote off 57 million lats last year, while Swedbank and its subsidiaries wrote off 147 million lats in 2010.

Stock exchange revokes market supervision over Parex Bank

NASDAQ OMX Riga Stock Exchange decided on Friday, April 1, it is to revoke supervision status applied to AS Parex banka.

Expert: Latvian companies profitability approaches Western European level

Last year, the average profitability of Latvian companies came close to the Western European countries’ level, characterized by moderate long-term profit but focusing less on venture activities with high yield, points out Jānis Hermanis, the financial analyst at Mortgage Bank.

Rīgas siltums profit – 4.2 million lats

Latvian heat supply company AS Rīgas siltums concluded the fiscal year from October 2009 to September 2010 with a turnover of 112 million lats and 4.2 million lats profit. This heating season was an unusually long period (56 days) with outdoor temperatures below zero degrees.

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