Observer Eesti Oü

WEEK 45th 2004

Tuesday, 2nd of November, 2004

BLRT Group ends nine months with profit of EEK 205m
Estonia’s largest shipbuilder and ship repair company BLRT
Group reported that its nine-month profit was EEK 205 million at turnover of 1.6 billion. Nine-month turnover was up from 1.3 billion and the profit was up from 135 million, an increase of 25 and 50 percent, respectively.

Äripäev earned almost EEK 6 million from advertising
By earning EEK 5.8 million from advertising in October, Äripäev has now caught up with Estonia’s largest daily Postimees that ended the month with the same result. While Postimees lost advertising turnover 5 percent in a year, Äripäev’s sales were unchanged. Eesti Ekspress weekly earned EEK 5.4 million in October.

Hansa Life Insurance collected 50 percent more insurance premiums than last year
In nine months of this year, Hansa Life Insurance collected EEK 257.4 million of insurance premiums, which is 49 percent more than in respective period last year.
In September, Hansa Life Insurance collected EEK 25.3 million of premiums that exceeds the amount in September of 2003 by EEK 6.1 million.

Wednesday, 3rd of November, 2004

Both developers and operators at the hotel market
After Estonia gained its independence, local tourism and hotel market has only moved upwards and there has developed a trend, in which long-term developers and operators of hotels have started to recede from each other.
Turnovers of Estonian hotels have increased year by year. When in 1994, turnovers of hotels were nearly EEK 400 million then in 2001, the total turnover reached already EEK 1 billion.
Although Estonian hotel market is not viewed in the context of real estate market, a trend of hotel development receding from hotel management is reaching local market.
Last year, world tourism sector decreased by 1.2 percentage points, but Estonian tourism market increased nearly 3 percentage points. Since hotel business depends mainly on tourism, the need for hotels in Estonia increases and competition sharpens. At the moment, there are 43 hotels with approximately 4500 rooms in Tallinn and in 2005, another 1000 rooms will accrue.

Wendre grew turnover by EEK 60 million
After nine moths, AS Wendre achieved an EEK 333.1 million sales revenue. A year ago, the company sales revenue reached EEK 271.1 million. In three quarters, a company that manufactures textile products, earned EEK 50.7 million of net profit. A year ago, net profit of Wendre reached EEK 46.3 million.

Thursday, 4th of November, 2004

Sampo Bank earned EEK 102 million in nine months
In nine months of this year, Sampo Bank earned EEK 102.4 million of net profit, which is 29 percent more than in respective period last year.
According to Sampo Bank, net profit grew mostly due to the significant increase of business capacity by the moderate growth of operating expenses.

Friday, 5th of November, 2004

Record economic results of air traffic organisers
Nine-month earned income of Lennuliiklusteeninduse AS reached EEK 136 million and net profit reached EEK 52.9 million.
Marko Otsing, board member and financial director of the company admitted that the results were best in history. Earned income increased 28 percent, whereby revenue expenditures decreased 0.9 percent compared to a year earlier.
In nine months, the company served 90,119 flights. Number of flights grew 23.5 percent compared to respective period last year.

Tartu Brewery to exceed parent company by volume
Finnish-owned Tartu Brewery has become bigger than its parent company Olvi from Finland. In nine months, Tartu that is Estonia's second-largest brewery produced 77.5 million litres of beer, an increase of 66 percent. Olvi, its parent company, produced 76.4 million litres of beer.

Elcoteq to become one of the largest employers
Elcoteq, Finnish provider of electronics manufacturing services, plans to increase its workforce to 3,700 people in Tallinn. This will make Elcoteq one of Estonia’s largest employers. At present, Elcoteq’s two assembly plants employ 3,550 people in Tallinn.
In September this year, Risto Gaggli , head director of Elcoteq Tallinn admitted that in a couple of years, the company might employ about 3500 people. But yesterday’s Kauppalehti wrote that the number of employees in Elcoteq is already 3550 and will rise up to 3700. Gaggli claims that the increase of employees is a surprise to the company itself as well.

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