Business booming on Zakusala island

Take note – story published 9 years ago

Publicly-owned broadcaster Latvian Television (which together with Latvian Radio is the parent of LSM) returned to the black in 2013, recording a profit of 1.3m euros, business portal reported Wednesday.

In 2012 LTV reported a loss of just over 300,000 euros.

State budget subsidies accounted for 76 percent of the company's turnover.

Revenue from operating activities decreased by 261,662 euros, compared with 2012, but sales increased by 61,000 euros.

2013's profit is to be reinvested rather than returned to state coffers, Nozare reported.

Founded in 1954, LTV is based in a landmark high-rise building on the largely otherwise empty Zakusala island in the middle of the River Daugava in Riga.

On Tuesday Zakusala was in the business news again when the Latvian subsidiary of Estonian property developer AS Merko Ehitus group, SIA Merks, bought an additional 25% holding (275 thousand shares) in the joint venture SIA Zakusala Estates from the current co-shareholder AS Tritan Group on 5 August 2014. After the acquisition of the extra shares, SIA Zakusala Estates will become a 75% subsidiary of SIA Merks.

The share capital of SIA Zakusala Estates is 1.6m euros of which SIA Merks and AS Tritan Group currently have equal shares of 50%.

"The additional 25% holding was acquired with the purpose of gaining a greater control over the assets and the management of the company. The principal area of activity of the real estate company SIA Zakusala Estates is the development of approximately 126 thousand square meters land located on the island of Zakusala," a statement by AS Merko Ehitus group said.

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