Earnings of the listed and to-be-listed companies

ä The amount of premiums collected by the insurance company ASA Kindlustus in January through September was down by 14 percent from the same period last year at 94.28 million kroons ($7.29 million). Claim payments in the same period totaled 44.32 million kroons, the firm informed the Tallinn Stock Exchange. ASA Kindlustus collected 8.69 million kroons and paid out 5.45 million kroons last month.

ä Leks Kindlustus (Leks Insurance) collected a total of 141.7 million kroons in insurance premiums from January to September, an increase of nearly one third year on last year. Claims to the tune of 77.9 million kroons were settled during the same period by Leks Kindustus, the company told BNS. Together with Leks Elukindlustus which sells insurance, the sum total of premiums collected by the Leks group in Estonia by the end of September was 151.2 million kroons.

ä The net profit of the Saku Olletehas brewery in January through September was 37.1 million kroons, up by 7.5 million kroons, or 25.5 percent, for the same period of a year ago. The main reason for the increase in profits is its growing sales, officials at the company said. Saku Olletehas posted a net sales turnover of 407.4 million kroons for the first nine months of the year. The turnover grew by 74.6 million kroons, or 22.4 percent, against the same period last year.

ä The net profit of the Tallinna Kulmhoone cold storage plant grew by 1.5 million kroons last month, totaling 16.39 million kroons at the end of September. The net turnover for January through September was 256 million kroons, the company informed the stock exchange. The firm netted 14.86 million kroons on a turnover of 225.3 million kroons in the first eight months of this year.

Latvia

ä Daugavpils Motorkezu Rupnica (Daugavpils Motor Chain Factory) earned a profit of 201,081 lats ($359,073) during the first nine months of 1998 on a net turnover of 6,779,565 lats, the Riga Stock Exchange told BNS. In the first six months of the year the company's profit was 200,600 lats.

ä The Jekabpils Sugar Refinery incurred a loss of 455,875 lats in the nine months of this year and its turnover was 4.8 million ats, the Riga Stock Exchange reported. The company's loss was 478,000 lats on a turnover of 3.4 million lats in the first six months of this year. Last year's profit was 448,000 lats on a turnover of 6.8 million lats. The sugar refinery has set its profit target for this year at 89,000 lats. It has a share capital of 1.946 million lats and an equity capital of 1.968 million lats. Its shares are quoted on the second list of the RSE.

ä Liepajas Metalurgs (Liepaja Steel) earned a profit of 540,914 lats during the first nine months of 1998 on a net turnover of 47.5 million lats, the Riga Stock Exchange told BNS. During the first nine months of 1997, the company's profit was 417,000 lats. The company's share capital is 11 million lats, its equity capital is 10.7 million lats. During the first six months of the year the company suffered a loss of 169,000 lats on a turnover of 30 million lats. Shares in the Liepaja Steel plant are quoted on the second list of the Riga Stock Exchange.

ä The Mangali Shipyard company posted a loss of 11,582 lats in the third quarter, according to information the company provided the Riga Stock Exchange. Mangali Shipyard earned a profit of 91,418 lats on a turnover of 1.052 million lats in the first nine months of this year. In the first half of this year it netted 103,000 lats on a turnover of 1 million lats. Last year's nine-month profit was 9,650 lats on a turnover of 1.3 million lats.

ä The pharmaceuticals manufacturer Olainfarm is planning a loss of 900,000 lats in 1998, Olainfarm President Valery Malygin told reporters on Friday. The company's net turnover in 1998 is expected to total 8 million lats, which is 5.5 million lats less than originally planned. The company produced a turnover of 5.4 million lats, while the profit or loss for the nine-month period has not been calculated yet. Malygin said the company's financial indicators were affected by the Russian crisis which has seriously influenced the company's work. At this stage the company's management is exerting all efforts to reduce losses.

ä The Rezekne Canned Milk Factory (Rezeknes Piena Konservu Kombinats) posted a loss of 24,592 lats during the third quarter, according to information the company provided to the Riga Stock Exchange. The milk processor earned 448,801 lats over the first nine months of the year, down from 473,393 lats at the half-year. The company's net turnover in the nine months was 9,401,291 lats, up from 7,213,615 lats at the half-year.

ä Rigas Transporta Flote (Riga Transport Fleet) company's profit in the first nine months of 1998 was 1.6 million lats which is 0.5 million lats less than in the first six months. According to the information provided by the company to the Riga Stock Exchange, RTF's turnover in the nine months was 57,944 lats which is equal to the six-month turnover.

ä Rigas Raugs (Riga Yeast) earned a net profit of 16,899 lats during the first nine months of 1998 on a net turnover of 1.07 million lats, the company said in a statement to the Riga Stock Exchange. During the first nine months of 1997 Riga Yeast earned 70,710 lats on a turnover of 1.02 million lats. In the first six months of the year the company earned 31,000 lats on a turnover of 684,000 lats.

ä The company Saldus Naftas Baze (Saldus Oil Base) suffered a loss of 23,354 lats in the first nine months of1998 on a net turnover of 51,264 lats, the Riga Stock Exchange told BNS. During the first six months of the year the company was 18,000 lats in the red on a turnover of 39,000 lats. During the first nine months of 1997 the company suffered a loss 41,000 lats on a turnover of 263,000 lats.

ä Staburadze pastry makers earned a net profit of 474,928 lats in the initial nine months of this year, its finance director, Aivars Razalinskis, told BNS. The nine-month turnover of the company was 6.3 million lats. In the first six months of this year the company earned 381,300 lats on a turnover of 4.2 million lats.

ä The Ventspils Nafta oil company will earn less than the 23 million lats set as its profit target for 1998, VN President Igors Skoks told reporters on Wednesday. He declined to name concrete figures and also could not yet name the company's nine months results because they had to be approved by the company's board. Skoks said VN is intending to turn to the government soon to ask for removal of the fixed profit condition imposed on the company because it restricts the company's work.

Lithuania

ä The largest acetate thread plant in the three Baltic countries, Lithuania's Dirbtinis Pluostas [Artificial Fiber] has been seriously setback by the crises in Southeast Asia and Russia Ñ the company's turnover comes to only about 80-85 percent of last year's level, and no net profits were earned over the first nine months of this year. Over the first three quarters of this year, the company sold production worth 156 million litas ($39 million), with production worth 185 million litas having been posted last year.

ä The pharmaceuticals company Endokrininiai Preparatai (Endocrinological Preparations) claims to have ended the third quarter of 1998 with a gross profit of 2.46 million litas after a month-and-a-half shutdown. The company's net profit amounted to 1.6 million litas over the same period last year. The plant's nine-month sales are almost the same in 1998 as in 1997 with medicine sold for 17.7 million litas and 17.5 million litas respectively. Nevertheless, the Russian crisis ruined the company's hopes to reach an annual turnover of 28 million litas as in its warehouses are stacked considerable amounts of medicine.

ä This year, the turnover of the cellulose fiber plate and paper manufacturer Grigiskes decreased 3.2 percent, but net profits of the company were up over four times. Over the nine months of this year, sales of the company's production came to 52.15 million litas (53.87 million litas last year), and in September the sales amounted to 5.1 million litas. Over the period January-September, the company netted 1.92 million litas in profits (366,100 litas last year). This year, the company exported around 50 percent of its production.

ä Over the first nine months of this year, turnover and net profits of the Siauliai-based brewery Gubernija doubled compared to the same period last year. This year the net profits of the brewery stand at 2.9 million litas, whereas last year the company netted 1.4 million litas in the first three quarters. Gubernija has sold production worth 21.2 million litas (10.6 million last year).

ä Lithuania's leader in the beer market, the Panevezys-based Kalnapilis brewery, earned 24.98 million litas in net profit over the first nine months of this year. The figure represents a 2.5 million litas drop compared with the same period last year. "Last year, the company received 8.225 million litas in revenues, having sold the stake in a malt company," Financial Director of Kalnapilis Lina Markeviciute told BNS. The company's turnover amounted to 79.44 million litas over the January-September period of this year.

ä Lietuvos Dujos (Lithuanian Gas) utility experienced losses of 19.08 million litas over the first nine months. Over the third quarter alone, the company's losses came to 17.6 million litas. The greatest losses were experienced in September - 12.1 million litas. In the first quarter of this year, Lietuvos Dujos received 8.1 million litas in profits, but in the second quarter it posted losses of 9.6 million litas. Over the first nine months of last year, Lietuvos Dujos's activities were profitable Ñ the company earned 22.38 million litas.

ä One of Lithuania's largest milk processing plants, Marijampoles Pieno Konservai (Marijampole Canned Milk), reduced its half-year loss by 1 million litas leaving it at 4.1 million litas over the initial nine months of this year. The company earned 4.8 million litas in net profit over the same period last year.

ä Kaunas-based Ragutis brewery posted 5.82 million litas in net profit over the first nine months of this year - a 20 percent rise compared to last year when 4.85 million litas were earned. The company's nine-month sales amounted to 32.57 million litas, or 4.1 percent more than the same period last year (24.2 million litas). Ragutis, the fourth-largest Lithuanian brewery, sold 1.27 decaliters of beer this year - a 14.7 percent rise year-on-year. Ragutis has an 11-percent share of the country's beer market.

ä Over the first nine months of this year, Lithuania's largest pharmaceutical factory, Sanitas, netted 6.62 million litas in profits, or 8 percent more than in the same period last year. Sanitas produced medicine worth 34.2 million litas in the first three quarters of this year, while sales totaled 31.2 million litas. Last year, the figures were 32.9 million and 32 million litas respectively. Sanitas Director General Albertas Bartulis told BNS that in October his company has felt itself more stable than in September, but due to the financial crisis in Russia the staff at the company is still not working a full week.

ä Lithuania's second largest brewery, Svyturys, has netted 5.3 million litas more profits this year compared to 1997. Over the first nine months of the year, the brewery earned 16.6 million litas in net profits, whereas during the same period last year the company earned 11.3 million litas. Sales of the company's production came to 66.18 million litas, while last year, the sales amounted to 50.13 million litas.

ä Utenos Trikotazas, a maker of knitwear and sporting clothes, earned 9.9 million litas in net profits over the first nine months of this year Ñ twice as much as the same period last year. Last year, a total of 5.1 million litas in net profits was earned, whereas this year the profit goal is about 12 million litas. "Profits are calculated in keeping with Lithuanian standards, but when international requirements are observed, profits will be lower. At the end of the year, we will begin forming special provisions," the company's Director General Nijole Dumbliauskiene told BNS.

ä Zemaitijos Pienas (Zemaitija Milk) dairy became the leader of the country's milk processing market on this year's sales. "The company sold an output worth 160.2 million litas over the first nine months of this year while last year's income amounted to 91.3 million litas," Zemaitijos Pienas Director General Algirdas Pazemeckas told BNS. The company posted 10.3 million litas in net profit over the three quarters of this year whereas last year it came to 13.1 million litas. The profit drop and the situation in the country's milk industry is attributable to the declining prices of dairy products on the world markets and graver export conditions.