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Rīgas namu pārvaldnieks’ profits declined 19.5% last year

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUAccording to provisional data, turnover of Rīgas namu pārvaldnieks was EUR 55.098 million in 2017, which is 6.6% less when compared to 2016. Company’s profits declined by 19.5% to EUR 407,023, as detailed in information published by the company.

«The decline of revenue in 2017 is mainly associated with changes added to Value Added Tax Law. Apartment building management services were applied with standard rate VAT as a result of amendments,» as detailed in the financial account published by Rīgas namu pārvaldnieks.

It is also mentioned that the company’s total revenue in 2017 was EUR 58.11 million. Total costs were EUR 57.7 million. Compared to 2016, the company’s total revenue has declined 6%, whereas total costs have declined by 5.9%.

In 2017, Rīgas namu pārvaldnieks performed repairs in 2,596 apartment homes worth a total of EUR 15.29 million. This includes repair of building’s structures worth EUR 2.903 million, sewer and water supply system repairs worth EUR 2.328 million, roof repairs worth EUR 2.073 million, elevator repairs worth EUR 1.76 million, stairwell cosmetic repairs worth EUR 1.522 million, heating system repairs worth EUR 1.397 million, power line repairs worth EUR 1.133 million, and other important work.

«Debt recovery policy realized in 2017 has brought a positive result: client’s debts have declined from EUR 32.05 million in 2016 to EUR 29.07 million in 2017,» as mentioned in the financial account.

Turnover of Rīgas namu pārvaldnieks was EUR 58.976 million in 2016. The company’s profits were EUR 505,434.

Rīgas namu pārvaldnieks is owned by Riga municipal administration. The company was founded at the end of 2010, uniting 15 building management companies.


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