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Ceturtdiena 20.06.2019 | Name days: Rasa, Rasma, Maira
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Turnover of Latvia’s State Forests up 20,1%, profits – up 22,8% in Q1

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Latvian state forest management company Latvia’s State Forests has in the first quarter of 2019 reached a turnover of 89,751 million euros, which is an increase of 20.1% as compared to the respective period in 2018, data published by the company showed.

In the first three months of 2019, the profits of Latvia’s State Forests prior to paying the company income tax were 4.835 million euros, which is a 22.8% increase compared to the first quarter of 2018.

The vast majority of income, 87.61 million euros, was made by selling wood products.

The remaining income was generated by selling living trees, the company’s financial data showed.

Larger investment in Q1

The company’s investments in development in the first three months of 2019 made up 10.2 million euros (an increase from 7.5 million euros in Q1 2018). Investments in the amount of 8.8 million euros were made in forest infrastructure, including road building, renewal of forest drainage systems and bridge construction, the company stated.

The sole owner of Latvia’s State Forests is the Republic of Latvia and the shareholder is the Ministry of Agriculture.


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