Company briefs - 2003-12-11

AirBaltic, Latvia's national airline, announced that it carried 306,953 passengers over the 11 months of this year, a growth of 22 percent year-on-year. The total number of flights was up 12 percent to 9,375 from January to November, while the average occupancy rate for AirBaltic planes was 62 percent for the period.

Lithuania's VP Market reported total sales of 927 million euros for the first 11 months of 2003, up 18.2 percent year-on-year. CEO Ignas Staskevicius said the group was well on its way to meet the revenue target thanks to its rapid expansion in the Baltics and consumers' growing purchasing power.

The Latvian shipping company LASCO has reregistered the Zoja II tanker with the Latvian Ship Register in the first step of its new policy of switching its fleet from convenience flags to the national one. In a report to the Riga Stock Exchange LASCO said that it had reregistered the ship according to the company's new development strategy approved earlier this year. Sailors working on vessels domiciled in Latvia will now receive all social guarantees provided for under the Latvian laws, the company said.

Glaskek, the Estonian manufacturer of windows, said it planned to double output at its St. Petersburg factory. To achieve the target, Glaskek-St. Petersburg will invest 100,000 euros - 120,000 euros next year. Total turnover of AS Glaskek from January to October this year was about $45 million. In addition to St. Petersburg, the company is also working on projects in Moscow and Finland.

Lithuania's Vilniaus Vin-gis, one of Europe's leading producers of deflection yokes for picture tubes, sees 2003 sales reaching 136 million litas (40 million euros), up 7 percent - 8 percent year-on-year. Growth has been facilitated by new products, including molds for plastic parts and a wide range of manufacturing installations for local and foreign customers.

The Latvian road construction company A.C.B. has purchased all the shares of the Mobil Asfalts asphalt factory from the Scandinavian group NCC. Previously NCC had owned two-thirds of the Mobil Asfalts stock and A.C.B. one-third. A.C.B. has been Latvia's leading road construction company for five years, with last year's turnover reaching 11 million lats (17 million euros). This year it forecasts turnover of 18 million lats.

Stora Enso, the international forestry group, announced that investments in the Baltics this year would amount to 780 million kroons (50 million euros), according to Seppo Vainio, Baltic vice president of Stora Enso.