Alcohol, Latvia, Markets and Companies
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Sunday, 24.11.2024, 05:38
Russian billionaire Pyotr Aven has become a member of Latvijas balzams council
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| Pyotr Aven. |
The changes in the LB council's makeup are due to the resignation of council members Alexey Oliynik and Aleksandrs Jernevs.
Alexander Kovalev, Vitolds Kokars, Valizhan Abidov and Andrey Skurikhin will continue as LB council members. Aven and Georgijs Kipians have been elected as new council members.
LB posted LVL 503,000 in losses in the first quarter of the year. The company explained that the losses were caused by increasing commodity prices in the world and the high inflation in Latvia.
The company's non-audited turnover in the first quarter reached LVL 22.3 million, or 1.06 percent more than in the first quarter last year.
LB paid LVL 11.4 million in taxes in the first quarter of the year, including LVL 7.7 million paid in excise tax.
LB is the largest producer of alcoholic beverages in Latvia, and one of the country's largest taxpayers.
The company was established in 1900, and got its present name in 1970. LB produces 130 various beverages.
The company's largest shareholder is S.P.I. Distilleries.B.V. that holds an 88.05% stake in LB.
Last year LB posted LVL 3.32 million in profit and LVL 105.1 million in turnover.
LB shares are traded at the RSE Second List.
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