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EARNINGS OF THE LISTED AND TO-BE-LISTED COMPANIES

  • 1999-10-28
Estonia

> Huvitusfond, Estonia's compensation fund, has reported an operating profit of 76.3 million kroons ($5.3 million) for the January-September period. The value of the fund grew by 292.1 million kroons to total 1.01 billion kroons at the end of last month, officials said. The compensation fund reported a loss of 242.7 million kroons for the first nine months of 1998.

> Hansapank Group's consolidated net profit in the first nine months of this year was 574.6 million kroons, of which 390 million kroons were earned in the first half of the year. The group's total assets grew by 12.1 percent during the period to 31.05 billion kroons. Growth in the volume of consolidated assets was due to an increase in clients' deposits and loans from other financial institutions, the bank said.

> Insurer Leks Kindlustus collected 151.4 million kroons of premiums in January-September, 4.7 percent more than in the same period in 1998. In September, Leks collected 15.4 million kroons of premiums. In January-September, Leks made claim settlements in the amount of 79.6 million kroons, and in September 7.9 million kroons, a spokesperson for Leks Kindlustus said.

> Norma reported its non-consolidated sale turnover in January-September at 344.1 million kroons and net profit at 85.3 million kroons. Year on year, the company's turnover has increased by nearly 17 percent, but the growth in profits was by more than 150 percent. In 1998, the respective figures were 294.2 million and 30.7 million kroons. Norma will publish its consolidated balance sheet and profit reports after the reports have been examined by the AS Norma council, the company reported.

Latvia

> Fish cannery Kaija has lost 338,500 lats ($594,000) in the first nine months of this year, the company said in its report to the Riga Stock Exchange. After the first three quarters of 1999, Kaija's turnover reached over 4 million lats and assets amounted to almost 5.3 million lats. In the first half of 1999 the company lost 366,000 lats. Kaija's shares are quoted on the second list of Riga Stock Exchange.

> The metalurgical company Liepajas Metalurgs' profit in the first nine months of 1999 was just over 1.56 million lats after taxes, according to the company's report to the Riga Stock Exchange. In the first nine months, the company's net turnover was more than 41.35 million lats, its equity capital late in September was close to 12.43 million lats and its assets over 31 million lats.

> Lode earned a profit of almost 320,000 lats after taxes in the first nine months of 1999, the company said in its report to the Riga Stock Exchange. In the first nine months of the year the brick maker generated a net turnover of more than 2.3 million lats. Late in September the company's equity capital was just over 2.6 million lats, and its assets exceeded 2.7 million lats.

> Rezeknes Piena Konservu Kombinats, the milk cannery at Rezekne, suffered a loss of almost 470,000 lats in the first three-quarters of 1999, the company said in its report to the Riga Stock Exchange. The loss is down from 745,000 lats after seven months. In the nine months the company generated a net turnover of over 7.35 million lats. In 1998 the milk cannery earned a profit of 203,590 lats on a net turnover of 12,281,262 lats. The company's shares are traded on the official list of the RSE.

> Fiberglass manufacturer Valmieras Stikla Skiedra earned a profit of 564,000 lats on a net turnover of 10.52 million lats in three-quarters of 1999. In its report to the Riga Stock Exchange the company stated its turnover in the first nine months of 1999 accounted for 82.8 percent of the planned annual turnover estimated at 12.7 million lats.

Lithuania

> Alcoholic beverages producer Alita posted a nine-month net profit of over 3.46 million litas ($865,000) this year, down from 6.51 million litas reported for the same 1998 period. Alita's nine-month turnover dropped to 52.22 million litas from last year's more than 61.25 million litas. During the third quarter of this year, the southern Lithuanian company sold products worth 18.20 million litas, down from last year's 23.47 million litas, and made a net profit in excess of 1.03 million litas, down from 4.25 million litas.

> Anyksciu Vynas, Lithuania's largest wine brewer, has maintained its nine-month turnover and profit figures close to last year's levels. It posted a net profit of 7 million litas and a gross profit of 19 million litas for the first nine months of this year. The respective last year's figures were 6.7 million litas and 19.3 million litas.

> Kalnapilis, a leading Lithuanian brewery, saw a year-on-year decline in its net profit and sales during the first three-quarters of this year. Kalnapilis Director General Lionginas Mackevicius blamed the drop in profits on stiff competition on the local market, which he said had forced the company to cut beer prices. The beer producer posted a nine-month net profit of 10.94 million litas this year, down from 24.98 million litas reported for the same 1998 period.

> Gas supplier Lietuvos Dujos posted a loss of 16.98 million litas for the first nine months of this year, down from a 19.08 million litas loss reported a year ago. The company's chief accountant told the Baltic News Service that Lietuvos Dujos did not anticipate any profit this year.

> Lietuvos Draudimas, Lithuania's biggest insurance group, reported a net profit of 4.7 million litas for the first nine months of this year. The group netted 1 million litas during the third quarter after posting a first-half profit of 3.7 million litas. "The lower third-quarter profit was due to payments of claims related to crop insurance. Flax and oil-seed rape insurance cost us some 3 million litas," said the director of the Lithuanian insurance company's financial department, Stasys Jakeliunas. The Lithuanian insurance group posted a nine-month profit of 8.6 million litas last year, but Jakeliunas said these figures could not be directly compared. "We've announced consolidated figures this year, which was not done last year," he said.

> The Mazeikiu Nafta oil concern posted a loss of 157.89 million litas for the initial three-quarters of this year. The concern's loss has soared from the 47.24 million litas loss reported for the first half of this year. Its first-quarter loss was 31.17 million litas. Mazeikiai Oil's nine-month turnover totaled over 1.8 billion litas, said the concern's spokeswoman, Virginija Kristinaitiene. The nine-month financial figures are not audited, but they have been drawn up in accordance with the generally accepted accounting principles in the United States, she said.

> Ragutis, Lithuania's fifth largest beer brewer, saw its net profit slump 76.2 percent year-on-year over the first nine months of 1999 as a result of falling beer sales. The Kaunas-based company netted 1.38 million litas during nine months, down from 5.82 million litas reported for the same 1998 period. Ragutis' total nine-month turnover shrank 18.9 percent to 22.74 million litas this year from last year's 27.71 million litas.

> Utenos Trikotazas, Lithuania's leading knitwear producer, posted a net profit of 10.13 million litas for the first nine months of this year. The figure is up from 9.99 million litas reported for the respective 1998 period. Utenos Trikotazas' exports have grown 16 percent since the beginning of this year to make up 85 percent of the company's total sales.