Reval Hotels
Observer Eesti Oü

WEEK 30. 2005

Wednesday, 27th of July, 2005

Sugar vendor quintupled profit
AS Antomin, the wholesaler of foodstuff, earned EEK 35.6 million in net profit in 2004. Company’s sales revenue was nearly EEK 430 million due to the boom of buying up sugar.

Air Navigation Services earned EEK 26 million in net profit
Estonian Air Navigation Services declared that company earned EEK 93.2 million in trading income and EEK 26 million in net profit during the first six months of this year. Trading income was 10.6 % higher than year before. Business expenses grew 3.0 % compared to respective period last year. Net profit increased 6.6 % compared to respective period last year. The company invested EEK 3.5 million during the first six months.

Trade export increased in May
In May this year, the export of domestic goods exceeded the results of the respective period in 2004 by 28.6 percent mainly due to the increased export of woodwork. international sales reached EEK 17.9 billion, of which EEK 10.1 billion was import and EEK 7.8 billion was export, announced the board of statistics. 79 percent of total export went to the EU member states and 8 percent to CIS countries.

Net profit of SEB Ühispank up 38 percent in 2Q
The 2Q net profit of SEB Eesti Ühispank Grupp reached EEK 246 million , having grown 38 percent in a year. Record results were mainly due to the increase of loans, effective management of assets and credit quality. Mart Altvee, executive manager of SEB Eesti Ühispank sees the developments of economy as positive. “Estonia’s economic environment will stay strong. In 2004, GDP grew 7.8 percent. It continued to grow in the 1Q of 2005 by the rate of 7.2 percent, which was the second fastest growth rate among EU member states,” admitted Altvee.

Friday, 29th of July, 2005

Half-year profit of Viisnurk grew more than ten times
In the first half-year, AS Viisnurk earned EEK 6.4 million in profit. Respective result in 2004 reached EEK 560,000. While the company earned a loss of EEK 728,000 in the 2Q of 2004, then in the 2Q of 2005, the company managed to earn a profit of EEK 2.6 million. AS Viisnurk is a manufacturer of furniture and sports equipment.

Commercial profit of Elisa up by 55 percent
Turnover of Elisa mobile connection grew 18 percent or by EEK 346 million and commercial profit by 55 percent or EEK 77 million in the 2Q of 2005 compared to same period in 2004. “Elisa has won market is currently the fastest growing mobile connection supplier in Estonia,” claimed Andrus Hiiepuu, board member of Elisa.

SEB Ühispank Life Insurance collected EEK 141 million in six months
In the first half-year, SEB Ühispank Life Insurance collected over EEK 141 million of life insurance payments. The amount of payments has increased 48 percent compared to last year.

Saturday, 30th of July, 2005

Analysts: strong growth results of industry are pleasing
According to business analysts, the growth of industrial production in June was pleasantly strong. The indicator of enterprises’ confidence shows the continuance of favourable business prospects. Anne Karik-Uustalu from Sampo Bank claims that there was growth in almost every branch of industry.

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