Company briefs - 2011-02-17

In January of this year, 167,300 tons of cargo were handled at Latvia’s small ports, which is an increase of 33.8 percent when compared to January of last year, reports Nozare.lv. Skulte Port reported the largest cargo turnover at 71,500 tons - a 43.9 percent increase on the first month of 2010, when it handled 49,700 tons of cargo. Mersrags Port handled 44,900 tons of cargo, a 36.5 percent increase; Salacgriva Port - 39,300 tons (4.5 percent increase); Roja Port - 11,400 tons (137.5 percent increase); and Pavilosta Port -100 tons (100 percent increase). 100 tons of cargo was handled at the Engure Port in January 2011.

The Baltic States’ largest shipbuilding company and one of Estonia’s largest exporters, BLRT Grupp, improved its profitability in 2010, earning the same profit as the year before, while turnover fell by 6 percent, reports Aripaev Online. The company’s council member, Mark Berman, said that according to initial data, BLRT last year earned 40 million euros in profit on 296 million euros in turnover. In 2009, the shipyard earned 40 million euros in profit on 314 million euros in turnover. In the coming years, the company intends to increase production and earnings in Russia, for example, where it intends to update fishing fleets, said a major owner of the company, Fjodor Berman. The company acquired Lithuanian shipbuilder Baltija last year.

Investment broker companies’ total profit last year was 551,000 lats (787,100 euros), or seven times higher as in 2009, the Financial and Capital Market Commission’s representative Anna Dravniece said, reports Nozare.lv. Last year, three investment broker companies operated with a profit, whereas the total losses of the other companies reached 364,800 lats altogether. The total amount of assets managed by investment broker companies increased 30 million lats, or 135 percent in the fourth quarter last year, reaching 52.4 million lats at the end of 2010. Investment broker company capital adequacy ratio was 45 percent as of Dec. 31, 2010, while the minimum requirement is 8 percent.