Earnings of the Baltic List companies

  • 2000-04-13
Estonia

Total assets of Estonia's Optiva Bank increased by 136 million kroons or 4 percent, in March to 3.50 billion kroons ($213.6 million). The reason for the growth in assets was an increase in clients' deposits, by 120 million kroons, or 8.5 percent to 1.53 billion kroons, the bank reported. Demand deposits increased by 56 million kroons or 6.2 percent and time deposits by 64 million kroons or 12.7 percent during the month. The growth in deposits is mainly at the expense of corporations, the bank said. Assets are still below the 3.97 billion kroons reported on Jan. 1, 2000. The loans portfolio totaled 1.85 billion kroons at the end of March.

Uhispanga Elukindlustus (Uhispank Life Assurance) earned 483,000 kroons ($29,700) of profit in the first quarter.


Latvia

Balta non-life insurance company earned 903,589 lats ($1.51 million) after taxes in 1999, the company said in a statement to the Riga Stock Exchange (RSE). In 1999 Balta subscribed 14.85 million lats in gross premiums. Its equity capital late in 1999 was 8.07 million lats with assets of 17.60 million lats. The profit of insurance group Balta in 1999 was 798,110 lats after taxes. Balta insurer group subscribed 16.58 million lats in premiums in 1999. The group's equity capital late in 1999 was 7.66 million lats and assets 24.13 million lats.

The insurer group Balta comprises non-life insurance companies Balta and Rigas Apdrosinasanas Sabiedriba (Riga Insurance Company), that is taking over Saules Laiks insurance company. The group also comprises life insurance company Latva. Balta's shares are quoted on the official list of the RSE.

Latvijas Gaze (Latvian Gas, LG) company could pay some 60 percent of its 1999 profit in dividends for 1999, or 0.11 lats per share, LG council chairman Maris Gailis said. He noted though the figure is approximate because the audited results of LG's 1999 operations have not been approved yet. Gailis predicted the council could consider late in May the amount payable in dividends.

LG's unaudited profit after taxes in 1999 was 7.03 million lats ($11.81 million) on a net turnover of 83.69 million lats. It means LG could pay some 4.38 million lats in dividends for 1999. The remainder of the 1999 profit is planned to be channeled into investment and reserves. The final decision on the matter will be made by the general meeting of LG's shareholders. LG in 1999 sold to consumers 1.19 billion cubic meters of natural gas and 27,850 tons of liquified gas. The gas company in 1999 paid 21.53 million lats into the state and municipal budgets.

LG's shares are quoted on the official list of the Riga Stock Exchange. Its biggest shareholders are Russian company Gazprom, SIA Itera Latvija as well as the German firm Ruhrgas and Preussen Elektra.


Lithuania

Utenos Trikotazas, Lithuania's leading knitwear producer, reported a 17 percent increase in its first-quarter sales in 2000 versus the respective 1999 figure. Nerijus Datkunas, Utenos Trikotazas' director of finance, said the quarterly results had exceeded the company's projections. Utenos Trikotazas posted a turnover of 31.3 million litas ($7.83 million) for the first three months of this year, up from 26.7 million litas reported a year ago.

The company's turnover amounted to 11.6 million litas in March this year, a 7.4 percent increase from the figure for March 1999. The knitwear producer's annual sales have been projected to be 124 million litas this year, or 15 million litas more than in 1999. In the first quarter of 2000, the company saw a 9 percent increase in its domestic sales, to 3.6 million litas. The company's exports to western Europe were increasing at an even quicker pace in the first quarter, showing a rise of 19 percent versus the same 1999 figure. Exports totaled 27.4 million litas in the January-March period this year.