Latvia: Laci has invested two million Lats

Riga / LV. (tbc) In the past two years, the Latvian Laci Ltd. has invested two million LVL in its development, company owner Normunds Skaugis told local media at his enterprise´s 15th anniversary event (1’000’000 Latvian Lats = 1’435’398 EUR). Turnover in 2007 was 3,1 million LVL, which was 29 percent more than a year before. This year, the company is planning turnover at 3,9 million LVL, even though indicators in the past few months show a slight drop in retail volume, says ELTA. Last year, Laci looked at 277’673 LVL in losses due to the investments made in development. This year could end in the minus column, too, said Skaugis. The bakery was expanded last year with a new annex, creating new jobs and opening the door for new products.