Interim report (Q1 and Q3)
Latvijas balzams Reports First Quarter Results
The unaudited net turnover of JSC Latvijas balzams for the first quarter of 2019 reached EUR 15.9 million, 5.7% up against first quarter 2018, due to higher orders and sales volumes from key customers and markets, as well from sales to Bennet Distributors, which increased its purchases due to changes in excise tax rates in Lithuania in the first quarter of the reporting period.
The unaudited profit has reached EUR 1.02 million, which is 37% more than in first quarter of 2018 as the result of increased volumes.
In 2019, AS Latvijas balzams will keep focusing on the following:
investment opportunities in both the existing and new export markets with strong growth potential and accelerating sales;
the efficiency improvement program.
The strong focus will be maintained on the core export brands, i.e., Riga Black Balsam and Cosmopolitan Diva, as well as the premium gin brand Cross Keys Gin, by investing into their international recognition and the promotion of brand equity and market share.