Turnover of Pindstrup Latvia peat company grows 3.1% in FY

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The company’s management noted that last year, Pindstrup Latvia lost 71,000 cubic meters of peat as a result of a major fire that broke out at the company’s largest peat field Lielsalu Purvs on July 17, 2018. The company’s insurer has confirmed that the losses from the fire would be compensated.

Last financial year, Pindstrup Latvia invested EUR 2.3 mln in real estate, production equipment and other long-term assets.Commenting on the company’s future perspectives, Pindstrup Latvia managers said the company’s turnover was expected to grow somewhat and the profit figure to remain at the current level.

As reported, in the last financial year that lasted from October 1, 2016, until September 30, 2017, Pindstrup Latvia generated EUR 69.398 mln in sales, up 18.8% from a year ago, while the company’s profit increased 6.6% to EUR 8.157 mln. Pindstrup Latvia, established in 1994, has a share capital of EUR 4,658 million. The company is solely owned by Danish-registered Pindstrup Mosebrug.

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