|WEEK 44th 2003
Friday, 31st of October, 2003
Level of technology hoisted Estonia
Geneva-based World Economic Forum has published its new ranking of countries according to their competitive abilities. Estonia climbed five places to 22nd position in the index.
Estonia's success in the index was mainly based on technology and cheap loans.
Maris Lauri, macro analyst of Hansabank Markets noted that Estonia is on 10th position in the technology index of the ranking of competitive abilities. She admitted that in part of economic environment, Estonia is on the same level with Latvia. But in part of technology development, Estonia outraces Latvia.
MicroLink's net profit of the quarter reached EEK 12.3 million
Baltic's leading IT company MicroLink achieved a net profit of EEK 12.3 million by the consolidated turnover of EEK 219 million in the quarter that ended in September. Allan Martinson, CEO of MicroLink admitted that this is the biggest quarterly profit in the history of MicroLink.. Concern's turnover increased despite selling the profitable computer-manufacturing branch.
MicroLink's quarterly profit margin amounted EEK 110 million, which is 45 percent more than in respective time period last year. Quarterly profit before depreciation reached EEK 42 million, which is EEK 27 million more than last year.
Thursday, 30th of October, 2003
Nine-month turnover of GNT Estonia reached EEK 338 million
Nine-month turnover of GNT Eesti AS, Estonia's biggest wholesaler of computer goods, reached EEK 338 million in 2003. Compared to respective time period last year, turnover of GNT has increased by 8 percent. The sale of digital cameras went up by 2000 percent, whereby the sale of additional equipment like memory cards, camera bags, batteries, etc has increased by 3000 percent compared to last year.
Joiners to prefer major banks
Among six fund managers of involuntary savings pension, Hansabank has currently the highest market share that reaches up to 50.1 percent. Ühispank follows Hansabank with 30.7 percent and Sampo Bank with 12.6 percent.
By Tuesday, 334,000 people had joined the II pillar savings pension.
Spirits manufacturing to increase
According to the statistics board, manufacturing of vodka and liqueur went up by 16.4 percent in September compared to last year's September and August.
Wednesday, 29th of October, 2003
25 banks left in the Baltic States after five years
It was prognosticated at the banking conference in Riga that by the year 2008, the number of banks in the Baltic countries is smaller than today. Executive director of investment bank Sindicatum Limited prognosticated that after five years, there would be not more than 25 banks operating in Estonia, Latvia and Lithuania. By then, Hansabank Group will have a leading role. He suggested the group's market share to become 35 percent.
Revenues of Radiolinja Estonia increased
3Q revenues of Radiolinja Estonia reached up to EUR 16 million compared to EUR 15 million last year. Nine-month turnover of Radiolinja reached up to EEK 700 million, increasing by 10 percent compared to respective period last year. Nine-month operating profit of Radiolinja Estonia amounted EEK 87 million. By the end of September, Radiolinja Estonia had 163,160 clients.
Tuesday, 28th of October, 2003
IMF evaluates Estonian development as strong
International Monetary Fund (IMF) believes that Estonian economy is developing strongly and steadily. Fund suggests that budget deficit policies should be stricter. This year Estonian economic growth is predicted to be 4,5% and next year 5,5%. Upcoming accession to the European Union will ensure stability and further economic growth.
Portfolio of leasing companies grew by EEK 490 million in a month
According to The Bank of Estonia the portfolio of leasing companies that belongs to the Estonian Leasing Association grew by EEK 490 million reaching up to EEK 20, 495 billion in September.
Monday, 27th of October, 2003
Hansabank to possess third of Baltic loans
Hansabank's market share at the loan market of the Baltic States was nearly 34 percent and about 32 percent at the market of deposits by the end of six months.
In Estonia, bank's share of loan market was 51.1 percent and at the market of deposits 57.3 percent.
Net profit of MicroLink's financial year was EEK 1.7 million
Net profit of MicroLink's, the biggest IT-company in the Baltic States, financial year reached EEK 1.7 million. Consolidated turnover of the financial year that lasts from July to June amounted EEK 895 million.
Profit margin of the IT-company amounted EEK 328 million, profit before depreciation (EBITA) was EEK 70 million and commercial profit reached EEK 27 million. All three indicators increased compared to respective period last year.
Krimelte to purchase a factory in Europe
Krimelte, Europe's leading manufacturer of assembling foam and joint hermetics, opened its new factory in Tallinn on Friday, and plans to purchase one in Western Europe. Company that operates on Estonian capital exports over 90 percent of production (60 percent to Russia, 20 percent to Ukraine and Kazakhstan, 10 to the European Union).
The new production complex of Krimelte in Tallinn cost EEK 16 million. It creates 20 new workstations.
With the opening of the new factory, company's manufacturing capacity increases from current EEK 280 million up to EEK 500 million a year.
Baltic Weekly MonitorA