2003.12.09, Valmieras stikla šķiedra, RIG

In the first 11 months of 2003 JSC gross sales amount to LVL 19 million

261  thousand,  which  is  102.6%  of the target for the period, and by

11.5%  more  than  in  the respective 11 months of 2002 (LVL 17 million

329.3  thousand).  The  November  sales  amount  to LVL 1 million 816.4

thousand.



Management  Board  meeting of November 27, 2003 approved the budget for

2004,  where the target for gross revenues is LVL 22.6 million, and net

profit  LVL  1  million  396  thousand.   The  budget  was  approved by

Supervisory  Council  on  its  meeting  of December 4, 2003. Management

Board and Supervisory Council also approved the investment projects for

years  2004-2008 at total value EUR 30 million. The investments will be

used  for  purchase  of  new  production  equipment with the purpose to

expand the range of products, increase output and quality.