Observer Eesti Oü

WEEK 25th 2003

Wednesday 18th of June

Tallinna Vesi ends 2002 with EEK 169.5 million in profit
Tallinna Vesi, the main provider of water supply and wastewater services in Tallinn, has ended the year with a net profit of EEK 169.5. This is an increase of 1 percent from the net profit earned in 2001. The company's turnover was EEK 509.9 million, an increased from EEK 423 million turned over in 2001.
In 2003 the company plans to invest EEK 178 million.

Estonian Oil Service to invest EEK 300 million in 2003
Estonian Oil Service (EOS), one of Estonia's largest oil terminals, plans to invest EEK 300 million this year.
In five months, EOS that transports fuel oil from Russia's oil refineries by rail to its oil terminal in Port of Muuga and then reloads it on oil tankers reloaded around 2.4 million tons of heavy fuel oil. In May alone, EOS reloaded 580,000 tons of heavy fuel oil and loaded it on two 159,000 DWT oil tankers Sonangol Luanda and Iran Semnan.

Successful beginning of the year for textile industry
Q1 economic results of Estonian biggest textile enterprises have significantly improved compared to last year. For example, the profit of Wendre was EEK 15 million instead of last year's EEK 2.8 million. Kreenholm, who was in loss with EEK 47 million last year, managed to earn EEK 10 million of profit this year. Main factors to increase profit are beneficial orders from Europe and earlier investments that are now paying off.

Tuesday 17th of June

A record number of cars were registered in May
In May, 4196 cars were registered in Estonia. 2694 of which were used cars; 1502 were new vehicles. Car vendors believe that the reasons for a successful month are the car excise tax that disappeared in the beginning of the year and a late spring (car sales boom is usually in April). Veikko Maripuu from Suprema admits that the sale of car demonstrates a situation of the domestic economy and therefore is a good indicator. The record shows that domestic demand is continuously high.

Total profit of Estonian commercial banks
According to the Bank of Estonia, the total profit of Estonian commercial banks by the end of May was EEK 501.3 million, which is by EEK 142.2 million more than by the end of April.

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