Riga, Nov 27 (LETA) - The turnover of Rigas Mezi municipal forest manager in the first nine months of this year was EUR 16.61 million, which is 5.4 percent more than in the same period of 2024, while the company's profit increased by 32.8 percent and amounted to EUR 1.824 million, according to information published by the company.

The company's management report on its financial statements said that its most significant revenues were from timber sales, transportation and other timber-related services and goods - EUR 10.9 million, or 65 percent of total revenues.

Rigas Mezi sells its log products at auctions, thereby attracting more buyers and ensuring the best possible sales revenue. In the first nine months of the year, 116,800 cubic meters of wood were sold, which is 2 percent less than in the corresponding period of the previous year, while the log sales price was on average 19 percent higher compared to the first nine months of 2024.

Operating costs for the first nine months of the year were EUR 13.7 million, down 3 percent y-o-y, while revenues were up 5 percent.

In the first nine months of the year, Rigas Mezi invested EUR 1.84 million in long-term assets. Of this, the value of acquisitions of real estate and forest stands amounted to EUR 0.64 million, machinery - EUR 0.44 million, infrastructure development - EUR 0.36 million. The company continued to develop its road and drainage infrastructure, and other measures were taken to improve operational processes and use resources more efficiently.

In the first nine months of 2024, Rigas Mezi had a turnover of EUR 15.766 million and a profit of EUR 1.373 million.

Last year, Rigas Mezi had a turnover of EUR 21.491 million and a profit of EUR 2.01 million.

Rigas Mezi is a municipal company established in 2008. The company's share capital is EUR 114,817,770. Rigas Mezi manages 62,000 hectares of forest, 399 hectares of parks and greenery in Riga, and is responsible for the Mezaparks cultural and recreational park.