The net revenue of the leading producer of alcoholic beverages in the Baltic states, JSC Latvijas balzams, for the first half of year 2020 reached EUR 30.2 million, decrease by 10.7% against first half of year 2019, mainly affected by the COVID-19 pandemic situation in many parts of the world and the restrictions implemented by national governments.
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With the resumption of the can filling line, the leading producer of alcoholic beverages JSC Latvijas balzams starts the production of the award-winning lemonade Green Cola for the Baltic market. Well-known brands such as Riga Black Balsam, sparkling drink Cosmopolitan Diva and vodka brand Moskovskaya Vodka will soon get new variations on this production line.
The unaudited net revenue for the first quarter of 2020 of the leading producer of alcoholic beverages in the Baltic states, JSC Latvijas balzams, reached EUR 15.9 million, 0.3% up against first quarter 2019, which is predominantly owing to changes in sold product mix.
The leading producer of alcoholic beverages in the Baltic States, JSC Latvijas balzams, last year reached EUR 10.05 million net profit, which is 7% more than in 2018. Changes of the net profit indicator were mainly driven by the improvement of sales and profitability, active efforts undertaken to cut fixed costs and a positive impact of investments made in production processes. The profit was also largely affected by the supply of logistics services to other enterprises of the alcohol industry, chiefly the handling of consignments in transit to Russia and Ukraine.