Latvian sawmill Vika Wood reached EUR 59.651 million in turnover during 2016, increasing by 0.8% as compared to the previous year.
The company's profit reached EUR 2.969 million in contrast to a loss a year ago, as reported by LETA Latvian News Agency, as quoted by the Baltic Course.
The management of the company explained that the recent warm winters left a negative impact on demand for the company's byproduct shingles, while the pulp market was stagnating. At the same time, Vika Wood increased production by 1.7%, Baltic Course reported.
Vika Wood sold most of its products in Japan (28.3%), Latvia (22.9%), Estonia (12.2%), Germany (6.9%), the UK (4.5%), Lithuania (4.3%), Egypt (3.9%), the Netherlands (3.7%) in 2016, while the total of the company's products were exported to 32 countries.
Moreover, the company invested EUR 640,941 in development last year, according to LETA Latvian News Agency.
Vika Wood is one of Latvia's leading, and largest, sawmills with a total annual production of about 280,000 m3 of sawn timber. Vika Wood is located in Latvia's Kurzeme Province near Talsi (western Latvia). The company was established in 1995 and has a share capital of EUR 8,618,397.