|WEEK 32nd 2003
Friday 8th of August, 2003
Standard doubled profit
Furniture manufacturer AS Standard achieved an EEK 3.5 million profit for the first six months of the year. The profit is over two times bigger than the EEK 1.6 million profit last year. Turnover of the first semester was EEK 72.1 million compared to EEK 57.6 million last year. Priit Tamm from Standard admitted that the main reason behind the growth is a continuous increase of export.
Thursday 7th of August, 2003
Ministry expects great economic growth
According to the prognosis of the ministry of finance, during next four years, economic growth will increase; unemployment and deficit of the balance of payments will decrease. Average wage will increase by EEK 700 a year. Andrus Säälik from the ministry of finance admits that in general, economic situation in Estonia is good; also the prognosis of state budget incomes has improved. If the public decides not to join the European Union on September 14, the whole positive economic prognosis is invalid.
The sale of Kesko Food Estonia increased
Kesko Food Estonia's sale of the first six months increased by 38.6% up to EUR 100 million (EEK 1.565 billion). The sale of the Q2 increased by 32.3% up to EUR 54 million.
More passengers in Tallink
In July, Tallink transported 331,355 passengers, which is 103,529 passengers more than in June, but 56,134 passengers less than in July last year.
Wednesday 6th of August, 2003
Sale of Merko Construction increased by four times in Lithuania
With the results of the second quarter, Merko Construction exceeded the expectations of analysts. The best indicators of Merko are in Lithuania, where the sale grew by more than four times.
Net profit of Merko Construction increased from last year's EEK 42.7 million to EEK 74.8 million in the first six months of the year. Unconsolidated net turnover of the first six months reached up to EEK 1082.1 million compared to last year's EEK 668.6 million. Sander Danil, analyst of Ühispank admitted that the result was much better than expected. Numbers were good already in the first quarter. According to Danil, sale in Estonia increased by 6%, sale in Latvia doubled and in Lithuania, sale grew by more than four times.
Tallinn's Cold Storage made a record in ice-cream manufacturing
In July, Tallinn's Cold Storage's ice cream manufacturing and sales was the biggest in eleven years. In July, the cold storage manufactured 1.1 million litres of ice cream in Estonia. Margus Puust from the board of the Tallinn's Cold Storage admits that weather was the best salesman for the company.
Radiolinja Estonia increased turnover by tenth
2Q turnover of Radiolinja Estonia reached EEK 233 million, compared to the results of the 1Q, the increase was 9%. Operating profit of the company reached EEK 24 million. Sami Seppänen, CEO of Radiolinja Estonia admits that 2Q was active in part of new services. In all, Radiolinja Estonia launched seven new service and price solution in the second quarter.
Tuesday 5th of August, 2003
Estonia rose to the 16th place in part of economic freedom
In the annual report of economic freedom by Washington Cato Institute and Canada Fraser Institute, Estonia rose from the last report's 41st place to 16th. Latvia was ranked on the 51st, and Lithuania on the 69th place.
According to Mario Lambing from the ministry of economy and communications, in Estonia, the factors that increased the most were related to investments of state-owned enterprises compared to GDP. Here, Estonia received maximum points, since relative importance of the state is very low in entrepreneurship. In addition, the defence of intellectual property has improved, and inflation has stabilised.
In the economic freedom index by the Heritage Foundation and The Wall Street Journal, Estonia was on the 6th place this year.
Baltic Weekly MonitorA