Observer Eesti Oü

WEEK 19th 2004

Tuesday, 4th of May, 2004

Rakvere Lihakombinaat reported an increase in first-quarter sales and profit
Rakvere Lihakombinaat, the largest meat packer in the Baltics, reported an increase in first-quarter sales and profit. The net sales of the Finnish-owned Rakvere Lihakombinaat Group in the first 3 months of 2004 totalled EEK 273 million or 17 million euros, up 2.3 percent from last year. The net profit of Rakvere Lihakombinaat Group was EEK 14.1 million kroons (902,000 euros), up from EEK 3.4 million a year ago.

Hansabank Q1 net profit up 24 percent to EUR 42.8 million
Hansabank reported first-quarter net profit of EUR 42.8 million which is 24 percent more than a year ago. The figure exceeds analyst expectations. Operating profit before taxes amounted to EEK 44.9 million and was up 25 percent.

Wednesday, 5th of May, 2004

Turnover of Schneider Electric up 47 percent
The net turnover of Schneider Electric Eesti AS in the 1Q of 2004 amounted EEK 31.7 million, whereby profit reached EEK 1.63 million. Compared to last year, turnover grew 47 percent.
Aldo Kotli, manager of Schneider Electric Eesti AS admitted that turnover increased mainly due to market revival and expansion of sales network.

Estonian car dealers sold about 2000 new cars in April
Estonian car dealers sold 1,990 new cars in April that is the best monthly sales result ever in Estonia. Jaak Uudla, head of the association of car dealers and service shops said: “People were buying cars just as they stocked salt and sugar,” said Uudla.

Occupancy of Domina Ilmarise Hotel increased
In April, the occupancy of Domina Ilmarise Hotel reached 41 percent that is 15 percent more than a month earlier. Compared to same month last year, occupancy grew 4 percent.
Occupancy of Domina City Hotel that belongs to the same chain as Domina Ilmarise was 59 percent in April. Compared to same period last year, occupancy grew 4 percent and compared to March – 5 percent.
25 percent of Domina Ilmarise guests were from Finland, 13 from Great Britain and 9 from Russia.
31 percent of Domina City guests were from Finland, 11 from Russia and 9 from Netherlands.

Thursday, 6th of May, 2004

Ühispank increased Q1 net profit by 42 percent to EEK 187 million
Estonia's second-largest banking group Eesti Ühispank Group ended first quarter with a net profit of EEK 187 million (nearly 12m euros). This is a year-on-year increase of 42 percent from the EEK 132 million that it made in net profit in Q1 2003. The group's operating profit was up 21 percent to EEK 175 million.

Baltics, Poland continued strong growth - head of SEB Baltic & Poland
Mats Kjaer, head of SEB Baltic and Poland, said that Estonia, Latvia, Lithuania and Poland continued strong growth during the first quarter. The following is a statement made by Kjaer today: "Estonia, Latvia, Lithuania and Poland have seen continued growth during the first quarter. GDP has been between 5 and 7 percent in the Baltic States and 4.8 percent in Poland.

Friday, 7th of May, 2004

BIG doubled profit
AS Balti Investeeringute Grupp (BIG) earned EEK 20.8 million of profit in 2003. In total, the group issued EEK 154.9 million of loans, which is 40 percent more than in 2002. The amount of group’s assets has increased up to EEK 185 million.

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