Company briefs - 2011-04-21

The Latvian branch of GE Money Bank has posted 1.9 million lats (2.7 million euros) in losses in the first quarter of the year, which is approximately 2.3 million lats less when compared to the first quarter of 2010, according to an announcement by the bank at the Riga Stock Exchange, reports Nozare.lv. The bank posted 19.5 million lats in losses last year, compared to 21.2 million lats in losses in 2009. GE Money Bank says it is looking for an investor, and it is also possible that the bank will be sold, business daily Dienas Bizness reported this past February.

The first quarter net turnover of Estonia’s largest retail group, ETK Grupp, was 82.5 million euros, increasing 7.3 percent over the year, reports Aripaev Online. The group’s Konsum supermarket chain posted the largest turnover, 39.1 million euros, with growth of 8 percent for the year. The Konsum chain included 66 stores at the end of March. The A ja O chain’s net turnover was 18.6 million euros, with growth of 11.6 percent. The chain includes 162 shops. The Maksimarket supermarket’s first quarter net turnover was 12.2 million euros, showing growth of 7.2 percent. ETK Grupp includes 19 consumer societies with 366 sales outlets.