Baltijas Terminals, one of the largest companies operating in Latvias Riga Port, has announced a 44.3% turn over growth in 2008.
In 2008 the company generated a turnover of 6.95 million, up nearly 45% from the previous year, but saw the companys profit shrink 2.9 times to 355,323.
Baltijas, which reloads ships and store oil products and chemicals, posted a turnover of 4.7 million in 2007, earning a profit of 1 million.
Baltijas management said that 98% of the cargo handled is transit shipments from the former Eastern Bloc to the Western market. The company expects future projections to maintain cargo turnover on the same level, and also plans to build a new pier.