18 • 07 • 2006


The general meeting of shareholders has approved the JSC ”Latvijas valsts meži” (“Latvian State Forests”) annual financial report 2005.

Last year the turnover of the enterprise was 69.5 million lats, that is slightly more than turnover in 2004. The profit of the enterprise made 22.9 million lats, that is 32.5% less than in the previous year. As it was announced earlier the work of the enterprise in 2005 was greatly influenced by occurred in last year January storm, because of which prices for timber have been significantly reduced, but costs of forest operation works and transport services - increased.

As the director of the Forest Policy Department  of the Ministry of Agriculture Janis Birgelis (Jānis Birģelis) has informed the JSC „Latvijas valsts meži” will assign slightly more than a half of the last year profit – 11.6 million lats – on to increase of the authorised capital, but the rest part of the profit will be directed on the dividend payment of the sole LVM  owner  – the Republic of Latvia.