Maker of the famous “Riga black balsam” company Latvijas Balzams has reported a significant drop in sales in Russia and Ukraine, writes Delfi.
As the message of the company on the Nasdaq Riga, audited the company’s turnover in 2015 increased by 1% to €73,79 million, and audited profits fell by 11% to €7,06 million
It is noted that the sale of company’s products in Russia and Ukraine last year fell substantially. Profit decreased due to declining sales volumes in major markets and investments in advertising and marketing activity.
The company makes careful projections for 2016 taking into account economic situation in Russia in connection with the fall in oil prices, the slowdown of the Chinese economy and uncertainty in the EU.
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Earlier it was reported that Baltic sprats in the Russian market was replaced by the Crimean.
