Reval Hotels
Observer Eesti Oü

WEEK 43. 2005

Saturday, 22nd of October, 2005

Baltika earned record profit in 9 months
The nine-month sales revenue of garments manufacturer Baltika Group reached EEK 490.6 million and net profit reached a record EEK 46.3 million. Compared to same period last year sales revenue grew 14 percent and net profit increased nine times. In 3Q, Baltika earned a profit of EEK 18.2 million by the sales revenue of EEK 180.1 million.

Wages grew faster than cost of living in 2Q
According to the statistics board the wages grew 28 percent faster than the prices of goods and services in second quarter. In 2Q last year, wages grew 11 percent faster than prices of goods and services.

Monday, 24th of October, 2005

Saaremaa Spa Hotels pleased with occupancy
The average occupancy of nine months in Saaremaa Spa Hotels was 74%; the average occupancy of third quarter was 87%. During nine months this year, Saaremaa Spa Hotels serviced 25,631 accommodation customers. Number of overnight stays was 94,594.

Tallinn to rule the Baltic Sea
Estonia is becoming the biggest shipping state of the Baltic Sea – it is very likely that Tallink purchases Silja Line and that Viking Line will also register its vessels in Estonia. Behind all this is Tallink’s aggressiveness and success. Sea Containers, owner of Silja Line admitted last week that Silja’s sale is possible. Decision will be made during October. Viking Line is ready to register all its vessels in Estonia for economical reasons.

Tuesday, 25th of October, 2005

Veho Eesti 9 month sales over half a billion
The nine-month turnover of Veho Eesti representing car brands Honda and Citroen reached over EEK 514.4 million and profit from economic activities reached EEK 14 million. Respective figures last year were EEK 427.9 million and EEK 8 million.

Sales and profit of Aasta Auto grew
South Estonian Volkswagen centre AS Aasta Auto achieved a nine-month net turnover of EEK 106.9 million whereby profit formed EEK 4.6 million. In respective period last year the company earned a profit of EEK 4 million by the turnover of EEK 80.3 million. In none months of 2005 the company sold 252 motorcars and 27 commodity cars.

Wednesday, 26th of October, 2005

9-month turnover of Silberauto close to EEK 2 billion
AS Silberauto, the representative of Mercedes-Benz, Chrysler, Jeep and Mitsubishi earned a profit of EEK 76.6 million by the turnover of EEK 1.98 billion in nine months of 2005. In respective period last year the company earned a net profit of EEK 59.7 million by the turnover of EEK 1.54 billion.

Estonian economic situation better than ever
In September the general situation of Estonian economy received a maximum score – 9 points – from the experts of magazine Konjunktuur. But according to Marje Josing, the director of the Estonian Market Research Institute that organised the questionnaire, there is still enough growth potential. “For Europe, we are a poor country,” Ms. Josing explained. But the current situation in Estonian economy is so favourable that the experts see no reason to complain.
Eesti Päevaleht, Ärileht

Friday, 28th of October, 2005

Hansapank earned a billion-profit
Yesterday, Hansapank reported of earning a little more than EEK 1 billion of profit in the 3Q. From the entire Swedbank Group net profit, Hansapank’s profit formed 22 percent. Hansapank itself evaluated its 3Q results as very good – annual growth of loans reached 50 percent and 3Q net profit grew 40 percent up to EEK 1.07 billion.

Elcoteq’s profit increased 41 percent
Elcoteq’s 3Q profit grew 41 percent due to the increase in demand. Net profit increased to EUR 13.7 million. Company’s third quarter sales grew 44% to EUR 1.19 billion. Company’s sales for nine months reached EUR 3 billion and operating profit was EEK 51 million. According to Elcoteq, demand is increasing in Europe and Asia. Company’s competitors are Flextronics International, Solectron and Celestica. According to company, its market share reaches 7%. Elcoteq Group had 19,600 employees in the end of September.

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