Company briefs - 2007-07-25

  • 2007-07-25
Augstsprieguma Tikls, a subsidiary of Latvia's Latvenergo power utility, closed 2006 with an 827,800 lats profit on 46.3 million lats (65.8 million euros) of turnover. The company generated 61.8 percent of its revenues through its power transmission services, supplying 6.63 million megawatt hours of electricity. The company manages 130 substations: 14 substations with 330 kilowatt capacity and 116 substations with 110 kilowatt capacity. The company plans to invest 470 million lats in new and upgraded projects over the next three years.

Internet portal reports that there are 1,092 certified WiFi networks open for public use in Estonia. Company founder Veljo Haamer says of the non-profit organization that due to competition, free wireless Internet networks now outnumber those that charge a fee. Networks in Estonia's hotels and restaurants are now the rule rather than the exception. Haamer says that the latest trend is in integration of different technologies and the spread of new services. In his view, new technologies do not directly compete with wireless Internet as WiFi is primarily for the end user, is simple and easy to use, with the receiver incorporated into most computers.

Lithuania's leading furniture maker Vilniaus Baldai posted 674,000 litas (195,362 euros) in net profit for the first half of 2007, a surge of 61.2 percent from the year-earlier figure of 418,000 litas. Revenues soared by 41 percent, to 74.34 million litas, for the period. "We may definitely state that the first stage of our manufacturing and management reorganization has been completed successfully. Compared with September, productivity rose by 90 percent on average in June," said CEO Nerijus Pacevicius. The company is 69.6-percent controlled by Lithuanian investment company Invalda, and is quoted on the blue-chip Main List of the Vilnius Stock Exchange.