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Estonia Business News: Archive 2003-

WEEK 3.2008

Tuesday, 15th of January, 2008

Cold and sweet profit
Ice cream manufacturer Premia Tallinna Külmhoone Group grew turnover by 65% in a year. If summer of 2007 would have favoured ice cream sale, growth in turnover would be even bigger. But who said that ice cream is a summer product only?

Wednesday, 16th of January 2008

Olympic was able to rise
Yesterday prices of stocks on Tallinn Stock Exchange mainly dropped. Only stock of Olympic Entertainment Group, which gave positive profit warning, grew 1.8% to EEK 53.20. Surprisingly, stock of Silvano Fashion Group had the biggest turnover (EEK 22.1 million).

Olympic had better turnover than expected
Olympic Entertainment Group exceeded last year's turnover predictions - instead of expected EEK 2.3 billion casino company showed EEK 2.49 billion sale number. "Exceeding expectations was decent, though I think that prognosis was deliberately conservative," said Sander Danil, analyst of Hansabank Markets. Erki Kert, LHV Baltic analysis department manager also thinks that Olympic's sale number was a pleasant surprise. Kert thinks that strength on Polish market lies behind good results.

Thursday, 17th of January, 2008

Tallinna Kaubamaja AS grew turnover
Sale income of Tallinna Kaubamaja AS in 2007 was EEK 5.9 billion, growing 39% in a year. Turnover of concern's subsidiary companies had quick growth in segment of food and necessities as well as in car segment. Concern's profit in nine months last year was EEK 280 million, which is 60% more than in respective period in 2006.
Eesti Päevaleht

Profit of banks doubled
According to the Bank of Estonia, Estonian commercial banks received EEK 7.2 billion profit last year, which is twice as much as EEK 3.54 billion in 2006. Assets of commercial banks grew by EEK 81.1 billion in 12 months, to EEK 320.6 billion. Loans to private persons grew by EEK 26.27 billion in a year and loans to companies grew by EEK 25.56 billion.

Growth of Tallinna Kaubamaja was led by car sale last year
Analyst Erki Kert states that last year Tallinna Kaubamaja's biggest growth came from car sale. Results were good but not quite as good as expected, Kert noted. Results could have been better if the growth had become from stores' and Selvers' segment, not from car business, Kert says. Selver's turnover grew 28%. For Tallinna Kaubamaja concern this year will be year of enlargement, says company's board president Raul Puusepp. There will be new Selvers in Estonia and Latvia, new chain of beauty stores will open. A-Selver manager Ain Taube says that Selver has grown quicker than other, increasing market share to 14.6%. "Maxima also gained market share; ETK and Rimi are biggest losers, also Prisma," notes Taube.

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