Riga, 2012-02-29 13:59 CET (GLOBE NEWSWIRE) -- For the Joint Stock Company "Goldinvest Asset Management" (hereinafter - the Company or Goldinvest) the year 2011 has been a year of strong growth. Last year the Company managed to increase its turnover to LVL 5.14 million, reaching an increase of 57% over a year earlier, when the turnover totalled to LVL 3.28 million. Net profit has increased very significantly and reached LVL 120 thousand (LVL 0.14 per share); a year earlier the profit was only LVL 1.5 thousand. These positive results have been achieved by increasing levels of supply to investors, who bought bullion, optimization of recycling processes and implementing quality control measures.
Goldinvest is dealing in the consumer and industrial precious metal purchasing, processing and sales business, as well as in buying and selling of business investment precious metals (gold, palladium, platinum, silver, etc.). In order to increase the competitiveness of the company, in 2011 Goldinvest invested in the purchase of equipment necessary for analysis of precious metals. The equipment allows for rapid and accurate determination of the precious metal contents in the material supplied, to prevent errors and reduce the risks, when accepting the material and making settlements with suppliers, reducing the potential losses for the company of up to 5% of the transaction value. The total investment in fixed assets in 2011 was LVL 20 thousand.
The value of Goldinvest assets in 2011 increased by 38% and by the end of the year amounted to LVL 2.011 million. At the end of 2010 the value of assets was LVL 1.46 million. During the reporting period the company has increased its equity capital up to LVL 855 000 through capitalization of loans of shareholders and attracting a new shareholder SIA " Nekustamā Īpašuma Projektu Aģentūra ", related to the founders. Also in 2011 the company has managed to increase the "SEB Bank" credit line up to EUR 350 000.
On March 22, 2011, the company's shares were listed in North First list of NASDAQ OMX Riga exchange. At the initial stage, the primary objective of listing the shares on the stock exchange is to inform the potential investors and ensure a wide publicity, with a view to raise additional funds for growth in future public offer.
In 2012, Goldinvest plans to continue the ongoing projects, focusing especially on the following activities:
* increasing the equity capital of the Company and activation of quotation of shares on the list of alternative share market NASDAQ OMX Riga First North;
* to improve the quality of customer service, achieving faster and more efficient servicing of customer orders by introducing new possibilities in the e-shop service and procedure of payments;
* to implement new and innovative solutions in trade of investment gold and precious metals;
* promotion of growth of the subsidiary company in Russia, supplying customers with different types of precious metals, as well as through purchase and exports of raw materials containing precious metals;
* to increase the number of customers in the Republic of Lithuania by studying the needs and demand of Lithuanian customers. To open a trade and purchase center of precious metals in the Republic of Lithuania;
* to improve expertise system of raw materials of precious metals with the aim to exclude and eliminate errors in determination of content of precious metals by purchasing and equipping a laboratory in Riga;
* to study and research other alternative supply sources and regions of raw materials containing precious metals in Northern Europe and Ukraine.
* planning to increase the turnover by 20% in excess of LVL 6 million;
* planning to increase the profits in 2012 to LVL 150 000.
About JSC “Goldinvest Asset Management”:
“Goldinvest Asset Management” was founded in 1997 and its key business areas include purchase, processing and sales of household and industrial precious metals, as well as purchase and sales of precious investment metals (gold, palladium, platinum, silver, etc.). The company grants also loans against precious metal pledge. The company has established an affiliated company in Russia, a branch in Lithuania, and it owns shares of JSC “VEF” and “VEF Komunikaciju Serviss”. Shares of the company are listed on the alternative market First North of the stock market NASDAQ OMX Riga. See more information about JSC “Goldinvest Asset Management”: http://www.latgold.lv/
More information:
Mr Arnis Linde
Project Manager
JSC “Goldinvest Asset Management”
Phone: +371 22050691
E-mail: arnis.linde@latgold.lv
Certified adviser:
Mr Girts Apsitis
Chairman of the board
“Ardente” Ltd
Phone: +371 29466577
E-mail: ardente@ardente.lv
