Last update: 29.03.2024 17:40 (GMT+2)

A/s "Saldus MR" management report for 1997

22.04.1998, PATA Saldus, RIG

The company is in forestry and woodworking business. In 1997 tax
arrears to state budget were capitalized at total amount of 64,272 Ls,
and penalty charges to the tune of 33,339 Ls were canceled (following
Cabinet regulations #265 of 16.07.1996 with regard to capitalization of
tax arrears to principal state budget. Company capital was increased by
the capitalized amount 64,272 Ls - there were shares issued in closed
issue. They were sold on December 10, 1997, pursuant to the Management
Board resolution. In 1998
its is planned to invest 240
thousand lats in production. It is envisaged to modernize timber
processing, and to install technological equipment in the building
under construction "Angārs". 55 thousand lats will be spent in forest
planting and tending. 1997 profits will be distributed as follows:
52,198 Ls will go to offset the losses made during previous years;
19,046 Ls will be reserved for working capital.; 30,000 Ls will be
reserved for investment purposes. In 1997
324 thousand lats were invested in production, which has resulted in an
increase in net turnover, and also an increase in profits.
A profit of 30,000 Ls was generated from disposal of the old fixed
assets.

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