Earnings of the listed and to-be-listed companies

  • 1999-11-25

The operating income of Eesti Telekom for January-September increased more than its operating expenses, and as a result, the group's earnings before depreciation rose to 53 percent of the operating income. Eesti Telekom's operating income increased by 15 percent and the operating expenses by nearly 10 percent. Meanwhile, the operating income of mobile phone operator Eesti Mobiiltelefon increased by 16 percent and that of the national telephone company, Eesti Telefon, by 14 percent. Eesti Mobiiltelefon's and Eesti Telefon's earnings before interest, taxes, depreciation and amortization were, respectively, 52 percent and 45 percent of their operating incomes.

Furthermore, Eesti Telekom's profit before minority interest increased by nearly 12 percent to 575 million kroons ($38 million). The group's profit after minority interest was 492 million kroons. Its effective income-tax rate over January-September was 16 percent. The Estonian telecommunications company's investments during the nine-month period totaled 702 million kroons, of which 487 million kroons went into fixed assets. On the other hand, the Estonian telephone company reported a net profit of 246.9 million kroons during January-September. The figure is 2.8 percent higher than in the same period last year.

The profit of Hansapank during the first 10 months of 1999 amounted to 388.8 million kroons - 43.3 million kroons were earned in October - the bank announced on Monday. As of October 31, 1999, Hansapank's total assets stood at 24.35 billion kroons, up by 1 billion kroons from the preceding month. The bank's loan portfolio totaled 13.09 billion kroons and clients' deposits amounted to 15 billion kroons, compared with 12.72 billion kroons and 14.11 billion kroons respectively at the end of September. Hansapank's total shareholders equity at the end of October was 4.54 billion kroons. The percentage of different revenue as per source was as follows: net interest income after provisions - 54.2 percent; trading income - 19 percent; service fees and commissions received - 26.3 percent; and other income - 0.5 percent. The profit of Hansapank in September was 22.2 million kroons.

Optiva Bank has posted a net profit of 11 million kroons for the first 10 months of 1999, of which October's profit gave 693.000 kroons. As of the end of October, the bank's balance sheet stood at 3.3 billion kroons, an increase of 38.2 million kroons or 1.2 percent from the preceding month. The balance sheet grew mostly due to an increase in the volume of clients' current accounts, the bank announced on Monday. Money in clients' current accounts was up by 4.6 percent, or 50.3 million kroons, during October to total 737.5 million kroons at the end of the month. The total of time deposits was 400.4 million kroons, down by nearly 600,000 kroons during the month. Optiva's net loan portfolio remained unchanged from September at 1.85 billion kroons. Capital adequacy at the end of October was 11.58 percent. Owners' equity accounted for 10.5 percent of the bank's total assets. Optiva's net profit for the first nine months of the year had totaled 10.3 million kroons.

Uhispank earned a profit of 4.4 million kroons in October to bring its 10-month profit to 79.5 million kroons, the bank announced on Monday. The total balance of Uhispank at the end of October amounted to 14.3 billion kroons, down by 120 million kroons or 8 percent during the month. Deposits grew by 42 million kroons or 0.5 percent to 8.42 billion kroons at the end of the month. The bank's loan portfolio grew by 137 million kroons to 8.04 billion kroons as of the end of October. The net loan portfolio amounted to 54.6 percent of the bank's total assets. The growth in the loan portfolio was boosted by student loans, housing loans and a transfer of the loan portfolio from Uhispank's subsidiary LF Finants, the bank said. The bank had the following income structure in October: interest income - 60.4 percent; service fees and charges - 20.6 percent; trading income - 13.8 percent; other income - 5.2 percent. Capital adequacy, at 12.8 percent, was unchanged from the end of September. Uhispank earned a profit of 10.8 million kroons in September.


In first 10 months of this year, Kaija fish cannery lost 301,769 lats ($520,300) on a net turnover of over 4.63 million lats, the company stated in its report to the Riga Stock Exchange. Late in October, Kaija's accounts receivable totaled almost 939,000 lats. Short-term accounts payable amounted to more than 1.59 million lats and long-term accounts payable to just under 161,000 lats. At the end of October the fish cannery's own capital was close to 2.55 million lats, including a registered capital of 4.84 million lats. For 1999, Kaija anticipates its losses at 448,000 lats on a net turnover of almost 5.53 million lats. In 1998 the company lost just over 1.2 million lats on a net turnover of 12.49 million lats. Kaija's shares are quoted on the second list of the Riga Stock Exchange.


Cheese maker Rokiskio Suris posted a net profit of 24.7 million litas ($6.17 million) on a turnover of 165.2 million litas for the first 10 months of 1999. Rokiskio Suris netted 22.5 million litas on a turnover of 166 million litas during the same period in 1998. In October alone, the cheese producer boosted its net profit and sales to 5.4 million litas and 33.6 million litas respectively, up from 1.6 million litas and 14.6 million litas reported a year ago. This year's ten-month figures do not include results posted by Utenos Pienas, Rokiskio Suris' subsidiary. Utenos Pienas, in which Rokiskio holds 49.99 percent of shares, has been operating at a loss, bringing down Rokiskio Suris' aggregate 10-month net profit to 23.6 million litas. The combined January-October turnover was 210.1 million litas. The board of Rokiskio Suris has been revamping the company's management system. The board is expected to approve the company's three-year strategy and appoint new management on December 7. According to the latest data provided by Rokiskio Suris, foreign investors hold around 50 percent of shares in the blue-chip company. Altogether, Rokiskio Suris has some 9,600 shareholders.