Earnings of the listed and to-be-listed companies

  • 1999-03-25

‰ The insurance company ASA Kindlustus collected 9.6 million kroons ($671,300) of premiums in February, 13 percent more than in February 1998.

‰ The net profit of the garments producer AS Baltika for January-February fell by 75 percent year on year, from 2 million kroons in 1998 to 0.5 million in 1999.

‰ Hansapank earned 41.1 million kroons of profit in February, bringing the two-month total to 73.6 million kroons. Of the total income, 41.1 percent was net income from interest after provisions, 31.8 percent financial income, 25.9 percent service charges and 1.2 percent other income, the bank reported to the stock exchange. In January the bank earned a profit of 32.5 million kroons.

‰ The consolidated net profit of Harju Elekter increased by 53 percent last year and totaled 16.1 million kroons, according to audited figures.

‰ The garments manufacturer AS Klementi and its subsidiaries reported a net sales turnover of 124.6 million kroons for 1998, a 26.5 percent increase from 1997.

‰ Insurer Leks Kindlustus collected 32.6 million kroons of insurance premiums in two months and made claim settlements of 18 million kroons. Premiums collected increased by 1.2 percent year on year.

‰ AS Norma's outstanding accounts receivable has declined by more than 50 million kroons and currently stands at approximately 129 million kroons. Norma controller Raivo Harand told the Baltic News Service on Tuesday that the situation concerning clients' debts is very favorable. "It couldn't be better in doing business with Russia," Harand said.


‰ The insurance company Balta collected 2.12 million lats ($3.59 million) in insurance premiums during the first two months of 1999, up 16 percent from the previous year.

‰ The milk cannery Rezeknes Piena Konservu Kombinats' audited profit in 1998 was 203,590 lats after taxes on a net turnover of 12,281,262 lats, the company said in a statement to the Riga Stock Exchange .


‰ Zemes Ukio Bankas had a net profit of 1.36 million litas ($340,000) in February, the bank's financial management department reported. The bank's 1999 two-month profit totaled 3.58 million litas. It posted an unaudited annual profit of 10 million litas for 1998.

‰ The dairy Birzu Akcine Pieno Bendrove will not pay any dividend on its 1998 profits. "The company expanded its business last year and invested a lot of money into its subsidiaries, Vilniaus Pienas dairy and Kauno Surine dairy, and the main plant in Birzai," the company's Director General Vladas Songaila, said. "I believe that shareholders will agree to wait for dividends until the next year," he said. Shareholders of the Birzai dairy plan are scheduled to convene on March 30.

‰ Lithuania's second largest private bank, Hermis Bank, posted a two-month net profit of 5.291 million litas. The profit figure is down by 7.6 percent from 5.72 million litas netted during the first two months of 1998.