Earnings of the listed and to-be-listed companies

ä The net profit of the Kalev confectionery company in the first half of 1998 was 5.6 million kroons ($400,000), with consolidated profits at 4.4 million kroons. Kalev's Financial Director Andrus Koha said the company's net profit was affected by depreciation as a result of its purchase of the Bogatyr factory. Kalev's sales turnover in the first half of 1998 increased by 32.9 percent or 57.1 million kroons year on year, to 230.4 million kroons. At the same time, the group's turnover increased by one third to 227 million kroons.

ä EVEA Pank earned 5.4 million kroons in the period from January through August, but suffered a loss of 568,000 kroons in August. EVEA Pank analyst Henri Kaarma reported that the increase in the bank's expenses was due to higher operating costs. The increase was mainly caused by payments into the granting of deposit funds. EVEA Pank's total assets at the end of August stood at 942 million kroons.

ä The AS Baltika garments producer reported a non consolidated profit of 6.1 million and a net turnover of 150.1 million kroons in the period from January through August, according to non audited figures. Baltika's Board Chairman Meelis Milder said that three million kroons of debts by Russian clients had been subtracted from the period's profit. Baltika's turnover in the eight-month period increased by 13 percent and the profit by 11 percent year on year.

ä Leks Elukindlustus (Leks Life Insurance) collected 1.7 million kroons in life insurance premiums in August, 60 percent more than in August 1997.

Latvia

ä Latvijas Unibanka earned 6.2 million lats ($10.3 million) before taxes and 1.7 million lats in net profit in the first eight months of this year, a public relations specialist said. On July 31, the profit before taxes and provisions was 5.5 million lats and the profit after taxes was 4.1 million lats. Unibanka has formed provisions for investments into CIS securities, including a 25 percent reserve for investments into Russian short-term state securities. Unibanka's assets increased in August by 10 percent to 336 million lats. "It means that Unibanka has become the largest Latvian commercial bank according to figures on Aug. 31, in terms of assets," said Liga Liepina, public relations manager. She said the total amount of deposits increased by 14 percent in August, showing that clients regarded it as a safe bank in this complicated period for the Latvian banking system.

ä Latvijas Krajbanka (Latvian Savings Bank) incurred a loss of 340,000 lats in August, but earned a profit of 529,000 lats in the first eight months of this year. The eight-month profit is 32 percent larger than foreseen in its budget plan, officials told BNS. The profit target for this year has been set at 400,000 lats.

ä Management of Rezeknes Piena Konservu Kombinats (Rezekne milk cannery) predicts that the company's turnover will decline by some 10-15 percent this year, the company said in a statement to the Riga Stock Exchange. The company said it could not continue exporting products to Russia due to the economic crisis in that country. For that reason, the milk cannery's profit forecast, which was set at 800,000 lats, could be reduced.

Lithuania

ä Lietuvos Taupomasis Bankas (Lithuanian Savings Bank) announced Sept. 10, it earned an operating profit of 2.3 million litas ($575,000) last month. The largest Lithuanian bank did not announce its eight-month results, but said it was 11.8 million litas in the red at the end of July. "The loss comes from the takeover of the investment portfolio of the [liquidated] Lietuvos Valstybinis Komercinis Bankas (State Commercial Bank)," LTB said in a press release.

ä During the first eight months of the year, Lithuania's Ukio Bankas (Economy Bank) earned a 429,000 litas net profit. In August, the bank's activities brought in a 144,000 litas profit. In the first half of the year, the bank earned a 573,000 litas net profit, but July's losses brought it down by 285,000 litas. Within the first eight months of last year, Ukio Bankas earned 1.4 million litas profit. In 1997, the bank incurred 27.8 million litas in audited losses.