Observer Eesti Oü

Estonia Business News: Archive 2003-

WEEK 32.2007

Wednesday, 8th of August, 2007

Profit of Harju Elekter tripled due to one-time income
2Q profit of Harju Elekter tripled, rising from EEK 17.4 million in 2006 to EEK 52.2 million. Profit grew mainly due to one-time income of the sale of PKC Group’s stocks, which reached EEK 32.6 million. Geographically turnover of Harju Elekter grew the most in Estonia – 29% (EEK 100 million). Sale grew 9% in Finland.

Big profit growth of Eesti Ehitus
Despite cool down of real estate market, Eesti Ehitus’ net profit in 2Q compared to respective period last year grew nearly three times, reaching nearly EEK 100 million. Company’s finance manager Sulev Luiga comments that Eesti Ehitus’ result mostly reflects diversity of building projects’ portfolio. Company’s turnover in first half a year was EEK 1.5 billion, growing 64% compared to 2006.

Toomas Luman collected super profit
Despite cool down of real estate market, net profit of Eesti Ehitus in 2Q grew nearly three times. Major owner of the company and board president Toomas Luman has managed to pick right men to the top of the firm, who specialised on business floors and port constructions in time. Net profit EEK 4.03 per stock is not bad earning.

Fjodor Berman: it was a right step to extend to foreign markets
First six months’ profit of BLRT Group grew by more than one third, to EEK 328 million. Turnover compared to respective period last year increased 34.5% to nearly EEK 2.1 billion. Company’s board president Fjodor Berman says that keywords of the first half a year were extension geographically as well as to different fields. BLRT Group purchased ship reparation factory in Finland, opened metal-working factory in Vilnius and new joint companies with Norwegian ship building factory Fiskerstrand and Finnish MacGregor were created.

Big banks put brakes on loans
In first half a year 2007 Hansapank Eesti grew profit by 60% compared to first six months in 2006, though growth in loans has stopped notably. Bank has grown profit for four quarters in a row already. Company’s director general Priit Põldoja says that profit growth was higher than expected. SEB Eesti Ühispank’s profit in first six months grew 30%.

Friday, 10th of August, 2007

Standard earned double profit
Standard has been very successful in the field of big foreign hotel projects. Unconsolidated turnover of office and hotel furniture producer AS Standard grew 46% in first half a year 2007 compared to 2006 to EEK 132.3 million. Export formed EEK 35 million, turnover of domestic market EEK 97 million.

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