Leading Latvian drinks group Latvijas Balzams has reported a profit of LVL2.31m (US$4.3m) for the nine-month period from January to September, up 14.7% from the corresponding period last year, on sales up 19.7% at LVL60.179m.

The company said late last week that, in the third quarter of the year, export sales rose by 37.3% to LVL22m, while domestic turnover grew by 11% to LVL38.2m.

Over the nine-month period, Latvijas Balzams said it has enlarged its total workforce from 760 to 790. The company, in which the SPI Group owns an 88.05% stake, controls around 40% of the strong and light alcoholic beverage markets in Latvia.