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LATVIA's LIVIKO ALCOHOL IMPORTER RAISES 2011 SALES 11.7 pct to EUR 26.3 mln, BREAKS INTO BLACK

RIGA, Mar 19, BNS - Latvia's Liviko alcohol importer and wholesaler last year generated 18.501 million lats (EUR 26.32 mln) in turnover, which is a rise by 11.7 percent from 2010, and earned a profit of 106,600 lats.

RIGA, Mar 19, BNS - Latvia's Liviko alcohol importer and wholesaler last year generated 18.501 million lats (EUR 26.32 mln) in turnover, which is a rise by 11.7 percent from 2010, and earned a profit of 106,600 lats as opposed to a loss the year before, according to the financial statements published in the Latvian business register database.

The company's management said in the report enclosed to the financial statements that the amount of alcoholic drinks released for consumption in Latvia in 2011 had increased by 2 percent. Sales had increased for all groups of alcoholic drinks with the exception of vodka. „Presumably, the impact of illegal alcohol market on this category of products is stronger than on other categories," the Liviko management said.

Liviko expects that the alcoholic drinks market in Latvia will stabilize this year with sales likely to grow for certain categories of alcoholic drinks.

In 2012 Liviko will pay special attention to efficient management aimed at cutting costs and improving profitability and therefore is expected to operate without a loss.

In 2010, Liviko reported 16.569 million lats in turnover and a loss of 84,100 lats.

Registered in 1995, Liviko has a share capital of 670,500 lats. The company belongs to Estonian alcohol producer and distributor Liviko.

(EUR 1 = LVL 0.7028)

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