Observer Eesti Oü

WEEK 16th 2003

Saturday 19th of April, 2003

Kredex received EEK 42.6 million of profit
The board of Estonian Credit and Export Guarantee Fund KredEx affirmed the report for the year 2002. According to the report the foundation received EEK 42.6 million of profit. The foundation received EEK 31.4 million of operating income. EEK 22.2 million came in from the bankrupt ERA Bank

Thursday 17th of April, 2003

Estonian stock exchange on the highest level in five years
Yesterday, Äripäev index increased by 1.36% up to 626.11 points, which is the highest level since May, 1998. Also Talse index is on the highest level in five years. Estonian Telecom share increased by 2.21% up to EEK 97.79. Turnover of Telecom share was EEK 8 million. The turnover of Hansapank share was EEK 14.2 million. The price of the share increased by 1.49% up to EEK 255.82.

Hansapank offers 5.5%of economic growth
Hansabank Markets prognosticates this year's economic growth in Estonia to be 5.5%, which is 1.1% more than offers the Bank of Estonia. Hansapank expects Latvian economy to grow by 6.1% and Lithuanian by 6.2%.

Wednesday 16th of April, 2003

The Bank of Estonia: moderate growth and low interest
This year, the Bank of Estonia expects moderate economic growth (4,4%) and low interest level. Low interests should influence economy positively. Interest rate would decrease until the end of the year. Central Bank sees no problem in the increasing lending activity due to low interests. In addition, the decrease of interest rate by Nordea Bank does not represent a problem, admitted Vahur Kraft, the President of the Bank of Estonia. He believes that it is a promotional campaign that lasts for a short period of time.
Äripäev, Inno Tähismaa

Tallinn's top hotels earn billions in profits
Radisson SAS announced that its gross profit for the year went up by EEK 17 million to EEK 71.4 million at sales of EEK 149.3 million. The hotel ended 2001 with a profit of EEK 54.4 million and sales of EEK 126.7 million. Tallinn's largest hotel Viru that mainly caters Finnish tourists ended last year with a net profit of EEK 67.2 million at sales of EEK 206 million.

SL Õhtuleht with the greatest profit
According to the I quarter economic results of the greatest daily newspapers and weekly Eesti Ekspress, the greatest profit was earned by SL Õhtuleht, Estonian daily newspaper.
Profit of SL Õhtuleht was EEK 4.5 million at sales of EEK 26.2 million. Last year, SL Õhtuleht earned EEK 3.6 million of profit at sales of EEK 23.8 million.

Tuesday 15th of April, 2003

Baltex 2000 achieved profit
The consolidated net turnover of AS Baltex 2000 was EEK 390.9 million and net profit was EEK 34.8 million in 2002. In 2001, the textile industry's net turnover was EEK 342.3 million and loss was EEK 15.6 million. Baltex 2000 is specialised to cotton products.

Horizon Tselluloos ja Paber performed a significant rise
In 2002, the net profit of Horizon Tselluloos ja Paber AS reached up to EEK 109.5 million. A year earlier, the profit was EEK 77.9 million. Net turnover of the industrial enterprise was EEK 602 million. Compared to 2001, turnover increased by 17%.

Monday 14th of April, 2003

Dow Jones: Baltic shares are safe
During difficult times, Baltic shares are safe investments, wrote Poul Funder Larsen, the journalist of Dow Jones. The growth is impressive – last year, Baltic share market increased by 40%. Experts prognosticate the share market of Estonia, Latvia and Lithuania to grow strongly also in the future. According to Sandjis Martinovs, the fund manager of Latvian Parex Asset Management, the most attractive sectors are financial sector that is represented by Hansapank and industrial sector.

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