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Sunday 23.07.2017 | Name days: Magda, Magone, Mērija
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Dzintars: two crises in a row caused major decline in volume of sales

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RULegal protection process is a voluntary choice of the debtor if they experience financial difficulties but wish to continue economic activities. Two consecutive crises of 2008 and 2014 caused a sharp decline in the market and resulted in a deficit of turnover funds, notes Dzintars cosmetics manufacturer board member Dagnija Maike.

She explains that the company has accumulated considerable debt. «We have paid back to almost all suppliers and service providers. But we have forced to put off tax payments. This resulted in accumulation of debt of EUR 3.2 million. In 2015, Dzintars paid taxes to the state budget worth only EUR 1.5 million, which is not enough to cover taxes and debts,» – emphasized Maike.

According to her, «the company needs time to realize an increase in sales. The most important work has been completed – we have signed supply contracts with China, Iran and other countries. The first shipment was sent to China in September. New and innovative products have been developed, but their production requires turnover funds and time.»

«We put a lot of effort and considerable financial investments to enter new markets. Only naïve amateurs believe entering a new market depends only on the trader’s motivation. In reality, it requires a lot of work and major investments, as traders have to take into account new requirements, other consumers and new market mentality, new packaging and recipe requirements. All of it requires time. We are now in the middle of preparations. We have a deficit of ready products. Demand for our products exceeds supply. This only proves how right out chosen strategy is – producing high-quality products with high added value,» – said the company’s representative.

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