|WEEK 43rd 2004
Tuesday, 19th of October, 2004
Elcoteqs profit is higher than previously prognosticated
Elcoteq announced Helsinki Stock Exchange that companys profit exceeds expectations. Third quarter profit of Elcoteq made up to EUR 830 million. Second quarter profit was but EUR 641 million. Yesterday Elcoteq share rose to EUR 17,31 per share.
Elcoteq is Estonias biggest exporter that currently provides jobs for 3400 people.
Liviko increased market share up to 60 percent
In nine months of this year, almost all the Estonian biggest alcohol manufacturers increased their sales. Market leader Liviko has grown market share by 60 percent.
Liviko sold 5.6 million liters of hard liquor in nine months of the current year. This is over million liters more than in respective period last year.
Annual profit of Tallink decreased even thought turnover increased
Prognosticated profit of Tallink decreased by 18% even though turnover increased by 16%. Official profit and loss results Tallink will publish in December. Increase in oil prices and decrease of tax-free sales negatively influenced Tallinks profit margins. Tallinks investor relationship director Marek Mägi states that in order to improve the situation Tallink may enter the stock exchange or unite with some other competitor.
Wednesday, 20th of October, 2004
EU caused the second wave of buying-up Estonian companies
During past month, at least seven average size Estonian companies have found new foreign owners. Jaak Leimann, professor of Tallinns Technical University admits that competition becomes tighter and companies are not able to continue optimistically, hence they decide to sell the company. Leimann adds that for many Western companies, a subsidiary in Baltic States is prestigious.
In January this year, KohdenmatkaKaleva that belongs among Finnish biggest travel bureaus, purchased 100 percent of AS Hermann Reisid shareholding. Hermann Reisid is one of the biggest travel organisers in Estonia. Companys annual turnover is ca EEK 200 million.
Thursday, 21st of October, 2004
Estonia more ready than other member states to join the euro zone
None of the new EU member states is currently ready to join the euro zone, says the report of the European Commission. Still, all ten new member states are obliged to implement the euro at a certain time. According to the report, Estonia is in a better position than other member states. Estonia has notably progressed and the current development has been really encouraging, told Otmar Issing, the head economics of the European Central bank. The report demands Estonia to limit borrowing and wage growth and a need to preserve current budget discipline. Estonia fulfils two of the requirements of euro accession, having a normal state budget surplus and inflation.
Friday, 22nd of October, 2004Hansa stock broke through EEK 126
The interest of investment and pension funds of continental Europe in Hansapank stock has enhanced the stock to a new record level every day. Yesterday, the stock surpassed the level of EEK 126 or EUR 8.
Heads of German, French, Austrian and Swiss investment and pension funds are allocating money to Hansapank stocks, told the analyst of Austrian Erste Bank.
In 2003, Hansapank earned a net profit of EEK 2.05 billion. For the year 2005, Dutch investment bank ING expects the bank to earn EEK 3.04 billion and EEK 3.5 billion in 2006.
Baltic Weekly MonitorA