Company briefs - 2009-11-26

Latvian banks’ losses in the first ten months this year reached 643.2 million lats (918.5 million euros), reports LETA. Total deposits increased 0.5 percent, or 48 million lats in October, while the total loan portfolio fell 0.6 percent, or 90 million lats. The number of loans delinquent for more than 90 days increased 3.2 percent during the month, with the total reaching 15 percent of the loan portfolio. Reserves for impaired loans increased 6.4 percent, or 82 million lats in October, reaching 1.4 billion lats - 8.6 percent of the total loan portfolio. This was 8.1 percent at the end of September.

Scandinavian ferry operator Viking Line is offering Helsinki-Tallinn cruises for five euros, reports LETA. The company denied that it has started a price war and said it slashed prices as part of its Christmas campaign for loyal customers. Viking Line pays about seven euros a passenger for port fees in Helsinki, so in this context, the company is actually subsidizing passengers. According to a Viking Line representative, the price is valid only for cruises departing from Helsinki, but not from Tallinn. Until now the cheapest tickets on the line were offered by Baltic Princess for 10 euros, Linda Line for 12.25 euros, Eckero Line for 15 euros and Tallink for 19 euros.