Company briefs - 2010-05-12

  • 2010-05-12

Lithuania-based retail chain Maxima has seen its net profit nearly drop in half in the past year, even as sales dropped by nearly a tenth, reports KamCity.com. For all of 2009, net profit at the largest retail chain in the Baltics fell to 184 million litas (53.3 million euros) from 388.2 million litas in 2008. Revenue, meanwhile, was down 9.5 percent, year-on-year, to 7.7 billion litas. During the year, the group opened 12 stores in the Baltic countries and Bulgaria, while shutting down 25 stores. It ended the year with a chain of 425 outlets across four countries. The group is estimated to be the largest employer in the Baltic countries, with a workforce of 25,800 people.

The Latvian insurance sector’s total profit reached 12.4 million lats (17.7 million euros) last year, said insurance company ‘Swedbank apdrosinasana’ board member Peeter Kabbun, reports Nozare.lv. According to Kabbun, the non-life insurance market was operating with losses already in the fourth quarter of 2009. Kabbun predicted that last year’s economic depression would still be affecting the insurance market this year and next, and the market could begin to recover only in the second half of 2011. According to Swedbank apdrosinasana estimates, the total amount of insurance premiums could fall by up to 20 percent this year, because already in the first two months this year, sales on the risk insurance market fell 36 percent year-on-year.

Estonian media company Ekspress Grupp saw its net loss fall by nearly 33 percent, to 11.9 million kroons (762,800 euros), in the first quarter of this year, reports National Broadcasting. Turnover at the concern fell over the year by 12 percent, to 183 million kroons. In the first quarter, consolidated advertising sales dropped by 12 percent, retail sales by 28 percent, sales of subscriptions by 11 percent. In the periodicals segment, sales as a whole declined by 22 percent, in the online media segment by 6 percent. Ekspress Grupp includes online portal Delfi, newspapers Eesti Ekspress, Eesti Paevaleht, Maaleht and Ohtuleht.