The Supervisory Board of A/s Latvijas valsts meži (LVM) has evaluated the company’s performance results for the first nine months of 2022. LVM’s pre-tax profit reached 186.4 million euros, which is 87.7 million euros more compared to the same period last year. This was mainly driven by an average selling price for roundwood assortments in the forestry sector that was 24.36 EUR/m3, or 47%, higher.
Chairman of the LVM Supervisory Board Edmunds Beļskis emphasises:
“The company has not only achieved high profit figures but has also managed to significantly increase the supply volumes of energy wood chips to Latvian heat production companies. Furthermore, the high volume of mineral materials supplied to road builders during this period for the implementation of significant state infrastructure projects is to be viewed positively. However, several significant challenges are emerging for the period ahead – we are increasingly feeling the shortage of quality forestry service providers, particularly in forest maintenance work, while the slowdown in the global economy will undoubtedly also affect the timber market.”