Earnings of the listed and to-be-listed companies

  • 1999-09-30
Estonia

Estonia's Huvitusfond compensation fund has reported a post-audit
operating profit of 68.9 million kroons ($ 4.59 million) for the
first half of this year. In the course of the audit, the fund's
profit declined by 3.7 million kroons through an adjustment of
subsidiaries' profits by the expanded capital interest method, the
fund reported on Friday. The six-month income from interests was
85.3 million kroons. The fund earned more than half of the interest
income from investments in debt securities. Interest charges were
23.2 million and net interest return, 62.1 million kroons. The
fund's investment income in the January-June period was 69.3 million
kroons. Investment expenses were 52.2 million and the net return on
investments, 17.1 million kroons. The worth of the fund grew in the
six months by 241 million kroons to a total of 961 million kroons.
The compensation fund received 214.2 million kroons of privatization
income and issued 42.2 million kroons' worth of bonds.

The real estate group Pro Kapital made a loss of 7 million kroons
on sales of 58 million kroons in the first half of 1999. Pro
Kapital's assets increased from 164 million kroons to 435 million
kroons during the same period, the company said.

Leks Kindlustus insurance has reported premiums totaling 136
million kroons for the January-August period, up by 5.3 percent
compared with the same period last year. In August the company
collected 15.2 million kroons. Claim settlements in the eight
months amounted to 71.5 million kroons, of which 7.9 million kroons
fell into August, Leks's public relations manager Pille Eikner
informed. The biggest share of premiums in the eight months came
from obligatory traffic insurance - 49.2 million kroons.

Latvia

Fiberglass maker Valmieras Stikla Skiedra netted 395,500 lats
($681,900) in the eight months of 1999, according to the company's
statement to the Riga Stock Exchange. The company's net sales in the
eight months totaled 8.88 million lats or 70 percent of the annual
target. The company said the size of its net profit was influenced
by the fall in rates of the German mark and euro against the lat as
the company sells some 76 percent of its output to countries where
accounts are settled in marks or euros. The company's 1999 profit
target is 750,000 lats on a net turnover of 12.7 million lats. In
1998 Valmiera SS' profit was 642,537 lats on an net turnover of
12.531 million lats. The fiberglass manufacturer's shares are quoted
on the RSE second list. The Latvian Central Depository of Securities
lists 11.5 million shares in the company.