Earnings of the listed and to-be-listed companies

> The consolidated sales turnover of Harju Elekter was 108.2
million kroons ($7.51 million), and its net profit amounted to 14.2
million kroons in January-September. In 1998 the respective figures
were 115.3 million kroons and 14.1 million kroons. Harju Elekter's
Board Chairman Andrus Allikmae said the mother company's nine-month
profit was 10 percent higher than last year, 12.8 million kroons
instead of the 11.6 million kroons earned in the same period in 1998.

> Norma car-safety equipment maker's overdue receivables
stood 119 million kroons at the end of September, a drop of 30
million kroons since the beginning of the year. Compared to the same
period last year, receivables were down by 37.1 million kroons.
Norma said the Eastern market accounted for 73 percent of the debt.
Overdue debts, in their turn, formed 41 percent of the total credit
debt. The concern's nine-month pretax profit was 122.3 million
kroons. The net profit, at 89.5 million kroons, showed a year-on-year
growth of 57.8 million kroons.

> The department store group Tallinna Kaubamaja posted a
profit of 12.8 million kroons, up by nearly one quarter from last
year's 10.3 million kroons. An accounting profit of 2.1 million
kroons from options to shares has been taken into account in
calculating the results, Kaubamaja reported. On the basis of the
January-September results, Kaubamaja's net profit per share is 1.88
kroons. Kaubamaja has set its profit target for 1999 at 25 million
kroons.

> Uhispank Group made a profit of 75.1 million kroons in the
initial nine months of this year as compared with 5.2 million kroons
in the same period last year, the bank reported. The concern's
assets totaled 17.1 billion kroons, a growth of 3.4 percent since the
end of September 1998. The assets did not grow in this year's third
quarter. The group's return on equity was 5.1 percent and return on
assets 0.6 percent as of the end of September. Uhispank's share of
the Estonian banking market stood at 32.5 percent while Saules Banka
controlled 3.8 percent of the Latvian market at the end of last
month.

Latvia

> The insurance company Balta earned nearly 1.07 million lats
($1.88 million) in profits before taxes during the first nine months
of 1999, the company told the Baltic News Service on Friday. During
the period Balta subscribed over 12.15 million lats in gross
premiums, including over 5.25 million lats in premiums for mandatory
third-party liability insurance of motor vehicle drivers and 6.9
million lats in premiums for voluntary insurance. In the three
quarters of 1999 the insurance company paid well-over 4.94 million
lats in claim settlements. This amount accounts for a little over 40
percent of the total premiums subscribed by Balta. The company said
that its financial indicators after the nine-month period showed
Balta's share in the non-life insurance market as 19 percent by
subscribed premiums and 22 percent by paid claims. Balta's shares are
quoted on the official list of the Riga Stock Exchange.

> The pharmaceutical plant Grindex has earned 8,400 lats in
profits after taxes in three quarters of this year, Ingrida Smite,
the company's public relations manager, told BNS on Monday. In the
first nine months, Grindex achieved a turnover of nearly 6.7 million
lats. At the end of September the company's own capital was over 4.2
lats and its assets totaled more than 10.6 million lats, Grindex
stated in its report to the Riga Stock Exchange. In the first half of
1999 Grindex earned a profit of almost 70,000 lats on a net turnover
of over 4.6 million lats. After the first quarter the company's
profit was 217,000 lats on a turnover of 2.5 million lats.

> Gutta juice maker earned a profit of 271,136 lats in the
first nine months of 1999, the company said in its report to the Riga
Stock Exchange. In the nine months, the company generated a turnover
of over 7 million lats. The audited loss suffered by Gutta in 1998
was 3.2 million lats on a turnover of 17.33 million lats.

> Latvijas Gaze has earned almost 6.2 million lats in profit
after taxes on a turnover of more than 53.62 million lats in the
first nine months of this year, the company said in its report to the
Riga Stock Exchange. At the end of September the Latvian gas company
had a capital of more than 74.76 million lats and assets totaling
almost 84.60 million lats.

> Drugmaker Olainfarm has earned nearly 2.64 million lats in
profits after taxes on a net turnover of nearly 3.72 lats in the
initial nine months of this year, the company said in its report to
the Riga Stock Exchange. At the end of September, Olainfarm's own
capital stood at 7.04 million lats and its assets totaled over 14.23
million lats. In the first half of 1999, Olainfarm's profit was over
2.82 million lats on a net turnover of more than 2.58 million lats.

> The shipyard Rigas Kugu Buvetava earned a profit of 500,367
lats in the first nine months of 1999 on a turnover of nearly 11.3
million lats, the company said in a report to the RSE. In 1998 the
company's profit was 467,878 lats on a turnover of almost 16.5
million lats. Shares in Riga's shipyard are quoted on the official
list of the RSE.

> The transport fleet Rigas Transporta Flote has lost 203,869
lats on a net turnover of just under 7.84 million lats in the first
nine months of 1999, the company said in its report to the Riga Stock
Exchange. At the end of September, Rigas Transporta Flote's own
capital was 18.5 million lats and its assets totaled nearly 18.72
million lats. The company explains the loss due to the unfavorable
situation on the refrigeration equipment market.

> Ventspils Nafta oil terminal has earned a profit of 15.2
million lats in nine months this year, the company's spokeswoman
Gundega Varpa told BNS on Friday. During the said period the oil
terminal reported a turnover of 37.8 million lats. Late September VN
had its own capital of 201.8 million lats. This year the company's
net profit and net turnover fell by 900,000 lats over the same three
quarters in 1998. "Although the turnover of oil and oil products
handled in nine months of 1999 grew by 300,000 tons over the same
period in 1998, VN's financial indicators fell this year due to crude
oil's reloading rate being lowered from $5 to $4.90 per ton as of
April 1, 1999," Varpa explained.

Lithuania

> Ceramics producer Dvarcioniu Keramika posted a nine-month
net profit of 441,000 litas ($110,250) this year compared with a loss
of almost 2.8 million litas reported a year ago. "The market has
grown, and we offer a flexible discount system to our customers,"
said the company's deputy financial manager, Loreta Domeikiene,
commenting on the company's improved performance. The better results
were also due to a 50 percent increase in exports this year, she said.

> Lietuvos Energija reported a non-audited net profit of 335
million litas for the first nine months of this year. The figure
includes a domestic debt of 350.4 million litas accepted by the
state, according to data released by the National Stock Exchange of
Lithuania.

> Canned-milk factory Marijampoles Pieno Konservai, the
largest south Lithuanian dairy producer, posted a loss of 14.9
million litas for the first nine months of 1999. The loss has doubled
since the 7.35 million litas reported for the first half of this
year. The company's annual loss for 1998 was 8.26 million litas.

> Snaige, the refrigerator manufacturer, posted a net profit
of almost 3.09 million litas for the first nine months of the current
year, down from 8.15 million litas reported for 1998. The southern
Lithuanian company's nine-month turnover shrank to 121 million litas
this year from last year's 134.9 million litas. Snaige President
Antanas Andriulionis said the difference was largely due to
fluctuations in the euro rate and cheaper shipments of refrigerators
to Western markets, whereas the company's output and sales remained
almost unchanged.

> Vilniaus Bankas posted an audited 1999 nine-month net
profit of 53.53 million litas, which accounts for 74.5 percent of its
projected full-year profit of 71.9 million litas. As compared with a
non-audited figure announced earlier, the audited profit has
decreased just by 28,000 litas due to additional provisions on the
leasing portfolio, the bank's planning and control department
reported.