Rigas Kugu Buvetava (Rigas KB, Riga Shipyard) said it ended up 2009 with a net loss totaled 274.400 lats (some $524.000). The shipbuilder reported for 2008 a 208.900-lat profit a year earlier. The company’s 2009 turnover amounted to 21.256 million lats, a 46.8% drop from 2008, RZD-Partner.RU reported citing the company’s financial report.

Rigas KB has had a 13.143m-lat turnover from ships repair, the building of new ships added 7.847 million lats, Riga Shipyard press service said.

The ongoing economic recession contributed to the company’s decline as logistic services had a 30% fall. The shipowners worldwide in a bid to cut expenses preferred to freeze shipping, spent less funds for annual repairs. Rigas KB competing for clients had to reduce by 20 percent the price for its service.

In 2009 Rigas KB repaired 72 vessels - 28 fewer than in 2008 and launched 10 ships hulls, against 11 in 2008.

The company’s investment in the acquisition and renovation of its facilities in 2009 totaled 934.500 lats.

However, Riga Shipyard has planned to follow the same direction of development, investing in advanced technologies, upgrading its outdated equipment that might help save money and reduce production costs, the company said.

Rigas Kugu Buvetava specializes in the construction and repair of fishing boats, coastal ferries, support craft and is one of the largest companies on the Baltic Sea. The capital stock of Rigas KB is estimated at 11.672 million lats, EiroHoldings’ Remars-Riga ltd. is the major stockholder of Riga Shipyard.