Riga, 2013-05-14 07:24 CEST (GLOBE NEWSWIRE) -- Corrections: Lithuanian language version added.
In 2012 JSC "Goldinvest Asset Management" (Goldinvest) has maintained a stable turnover of LVL 5.22 million, which is actually the level of 2011, when Goldinvest reached its record high turnover of LVL 5.24 million. The company finished the year with the audited loss of LVL 30 thousand.
“Given the small profit margins in the precious metal trading business, where Goldinvest operates, negative impact on the results of Goldinvest in 2012 has been left by the methodology of the State Revenue Service, applied for withholding taxes in case of purchase of precious scrap metals, which the Company does not agree with and has appealed against the penalty imposed in amount of LVL 31 thousand" notes Pēteris Avotiņš, Chairman of Goldinvest.
In turn, the audited net result correction, compared to the annual financial statements, should be explained by the fact that the Lithuanian branch clarified and aggregated its expenditure, where the operating results were incomplete, because the Lithuanian legislation allows for reporting in a longer term, compared to the Latvian legislation.
In 2012 Goldinvest in exchange for a number of properties sold its shares in JSC "VEF" and the limited liability company "VEF Komunikāciju Serviss". In the result of these activities the value of the Goldinvest assets has increased by 14% and reached LVL 2.31 million. The acquired properties are used as collateral for the bank credit line, the funds of which are invested in the development of Goldinvest, improving Goldinvest credit ability and allowing to focus on expansion of the core business.
In 2012 the two shops of the Company at the Brīvības gatve 214 and t/c Galleria Riga at Dzirnavu iela 67, Rīga, continued to operate successfully. As an additional service the customers could place orders at the online shop of the company www.latgold.lv as well as at the branch in Vilnius, Lithuania, and the subsidiary firm in Moscow, Russia. At the same time it was decided to close the company’s shop in Moscow, Russia. The decision was taken because the operation of the store could not deliver the expected financial results.
In 2013 Goldinvest plans to maintain the current turnover and make profit in amount of LVL 50 thousand
About JSC Goldinvest Asset Management:
Goldinvest Asset Management was founded in 1997 and operates in domestic and industrial precious metal purchasing, processing and sales business, as well as in business of buying and selling of investment precious metals (gold, palladium, platinum, silver, etc.). The company issues also loans against the security of precious metals. The company has a subsidiary in Russia and a branch in Lithuania. The shares of the company are listed on the alternative share market First North of the NASDAQ OMX Riga exchange. More information about „Goldinvest Asset Management” in: http://www.latgold.lv/
Additional information:
Arnis Linde
Project manager
AS Goldinvest Asset Management
Phone: +371 22050691
e-mail: arnis.linde@latgold.lv
Certified consultant:
Ģirts Apsītis
Chairman of the Board
SIA "Ardente"
Phone: +371 29466577
e-mail: ardente@ardente.lv
