Observer Eesti Oü

WEEK 29th 2003

Friday, 18th of July 2003

Norma results exceeded expectations
2Q economic results of Norma exceeded significantly the expectations of analysts, as the sales in Russia revived better than expected. The sale of Norma in the 2Q increased by 10% and reached up to EEK 291.63 million; net profit up to EEK 47.61 million. Market experts prognosticated the profit to be around EEK 32.5 million.
Yesterday, the price of Norma share increased by 1.1% up to EEK 88.56, which is the highest level in 5.5 years.

Telecom's good result does not promise a price increase
In the 2Q, net profit of Estonian Telecom increased by 77% up to EEK 404 million. Increase was mainly due to income taxes of dividends that were paid in the 1Q instead of 2Q. Earned income of the first six months increased by 1% compared to last year, profit decreased by 7% down to EEK 443 million.
Earned incomes of EMT Group increased by 9% and reached up to EEK 683 million in the 2Q. Period's net profit increased by 14% up to EEK 258 million. During the 2Q, EMT received 8800 new clients.

Thursday, 17th of July 2003

Narva Electric Power Plant received nearly EEK 500 million of profit
Narva Electric Power Plant that belongs to Eesti Energia received EEK 495 million of profit with the turnover of EEK 3.4 billion in the financial year of 2002/2003.
Net turnover of the company reached up to EEK 3.401 billion, having grown by 30% compared to last year.
(Eesti Päevaleht)

News in one sentence
According to the Bank of Estonia, total profit of Estonian commercial banks by the end of June was EEK
(Eesti Päevaleht)

Wednesday, 16th of July 2003

Tourism company Hermann Reisid surpassed profit prognosis
Half-year profit of tourism company Hermann Reisid was EEK 2.6 million, which is by EEK 0.6 million more than expected. Turnover of first six months was EEK 117 million. Compared to last year, the turnover increased by 18.6%. In the first half of 2002, the company earned EEK 1.4 million of profit.
614.7 million. In June, banks earned EEK 113.4 million of profit.

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