Latvia: Fazer maiznicas losses reached 758’018 LVL in 2008

Riga / LV. (tbc) Latvian Fazer Maiznicas posted 758’018 Latvian Lats (LVL) in losses in 2008, according to data from the Registry of Enterprises Lursoft database. In 2007, the company had posted 587’937 LVL in profit, writes «The Baltic Course». The company´s net profit last year increased 27 percent, reaching 13’040’448 LVL. In 2007, Fazer maiznicas had turned over 10’231’482 LVL. Fazer maiznicas is the leader on several Latvian bread market segments. The company was created in 2002 when the Finnish Fazer Bakeries bought «Ogres maiznieks», renaming the company «Fazer maiznica Druva» and changing the company´s name to «Fazer maiznicas» in 2005.