Company briefs - 2010-11-04

Estonian dairy company Poltsamaa Meierei Juustutoostus exported 925 tons of cheese products to Russia in nine months, which is growth of 124 percent, reports Aripaev Online. Russia is the company’s most important target country as more than 30 percent of the company’s production is exported there. “In the first nine months export’s total turnover reached 50 million kroons (3.2 million euros) and when the trend continues, the end of the year promises to bring record export revenues for company,” he said. PMJ is part of United Estover Group. The company’s turnover in 2009 surpassed 220 million kroons.

Finnish power grid operator Fingrid signed a deal on Nov. 1 with its Estonian counterpart, Elering, to build a 320-million-euro submarine electricity cable connecting the two countries, reports AFP. The EstLink 2 transmission connection is the second direct link connecting Finland and Estonia and is expected to be operational in the beginning of 2014. “Opening the market in Latvia and Lithuania, together with the reinforcement of the electricity transmission connections from the Baltic countries to Sweden and Poland, will be the next steps in the expansion of the market,” Fingrid said in a statement. The EstLink2 cable will have a transmission capacity of 650 megawatts which, when added to the capacity of the first cable, will push capacity between the two countries to 1,000 megawatts.

Losses for Latvian bank Citadele, formerly Parex, for August and September, the first two months of its operation, totaled 2.8 million lats (4 million euros), reports Nozare.lv. The losses were projected in the new bank’s operational strategy, and it reiterates that already next year the bank intends to show a profit. Interviewed in September, Citadele CEO Juris Jakobsons stated that in tune with the bank’s budget, losses of over 10 million lats are projected in the first five months of this year.

Low-cost bus operator Simple Express will launch daily trips on the Tallinn-St. Petersburg route on Nov. 1, writes Eesti Paevaleht Online. Simple Express’ parent company Lux Express Estonia board chairman Hannes Saarpuu said that while the distance between Tallinn and St. Petersburg is just about over 300 km, regular visits to the city have not been affordable to many, but prices that start from 250 kroons (16 euros) mean that the visits will now be more attractively priced. Buses will depart at 3.30 p.m from Tallinn and 6.45 from St. Petersburg daily. Passengers can apply for the Russian visa at the Lux Express Tallinn Bus Station office.