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Port of Tallinn plans 20% growth of operating revenue

April 3, 2013 15:34
The Estonian state-owned port operator company Tallinna Sadam (Port of Tallinn) forecasts this year a 20% growth of operating revenues to 104 million euros while the forecast net profit is 38 million euros, Postimees Online reports.The company expects the cargo volumes to increase by 4% to 30 million tonnes and the number of passenger who use the port to grow by 5% to 9.17 million.The council of AS Tallinna Sadam approved on Tuesday the 2012 economic results of the company, according to which the company earned a net profit of 32.8 million euros and sales revenue of 88.6 mill

"Compensa Life" collects EUR 30.9 million in premiums in 2012

April 3, 2013 15:20
Life insurance company "Compensa Life" racked up a total of EUR 30.9 million in insurance premiums in the Baltic countries last year, or 29 percent more than in 2011, as the company informed "Nozare.lv".The company's share of the Baltic life insurance market increased from 8 percent to 9.7 percent last year, and the company concluded last year with EUR 0.7 million in profit.Pension savings accounted for 63 percent of all "Compensa Life" premiums last year, whereas health insurance premiums increased 52 percent from 2011."The company's positive financial results prove t

Eesti Raudtee saw profit fall by 14%

April 3, 2013 15:17
The Estonian state-owned railway company AS Eesti Raudtee (Estonian Railways) earned a net profit of 16 million EUR on operating revenue of 79 million EUR in 2012, Postimees Online writes.The operating revenue grew by 18% while the net profit fell by 14% in a year. The sales revenue of the company grew by 9.4% to 66 million euros. EBITDA was 35.4 million EUR, around the same as in 2011.Altogether 26.1 million tonnes of cargo was transported on Eesti Raudtee infrastructure last year, a fall of 14.4% in a year.

Greece's Alpha Bank opts for 457 million euro rights issue in recapitalisation

March 29, 2013 17:00
ATHENS (Reuters) - Greece's third-largest lender Alpha Bank <ACBr.AT> said on Friday it would hold a shareholders' meeting on April 6 to seek approval for a 457.1 million euro rights offering as part of a 4.6 billion euro recapitalisation to boost its solvency ratio. Greece's four major banks need 27.5 billion euros in fresh capital to restore their capital adequacy to levels required by the country's central bank after incurring big losses from a sovereign debt writedown and impaired loans.

Hungary January trade surplus widens

March 29, 2013 05:30
Hungary's trade surplus widened to 316.2 million euros ($405 million) in January from 143.1 million euros in December, official data showed Friday. The figure was down 41 million euros, however, from January 2012. Exports rose to 6.46 billion euros compared to 5.44 billion euros the month before and 6.20 billion euros the year before, the national statistics office said. Imports increased to 6.15 billion euros from 5.29 billion euros in December, and 5.84 billion euros 12 months ago.

Italy's Monte Paschi posts net loss of 3.2 bn euros

March 28, 2013 14:16
Banca Monte dei Paschi di Siena, the world's oldest surviving bank and Italy's third biggest, on Thursday reported a net loss for 2012 of 3.17 billion euros ($4.06 billion). Of that sum, the ailing bank -- which has been caught up in a derivatives scandal -- registered a loss of 1.591 billion euros in the fourth semester alone, it said in a statement. The bank, which benefited from a 4 billion euro rescue loan from the Italian government earlier this year, said it took 2.67 billion euros writedowns in 2012 to cover bad debts.

Banks to repay ECB 7 billion euros of crisis loans

March 28, 2013 08:00
FRANKFURT (Reuters) - Banks will return early 7.005 billion euros (5.9 billion pounds) of crisis loans to the European Central Bank next week, repaying more than expected as a bailout deal for Cyprus averted financial meltdown on the island and reduced the risk of a liquidity crunch. In a last-minute deal in the early hours of Monday, Cyprus agreed to close its second-largest bank and inflict heavy losses on uninsured depositors in return for a 10-billion-euro bailout, averting a chaotic default.

Three small Spanish banks post multi-billion euro losses

March 27, 2013 16:30
MADRID (Reuters) - Three small Spanish banks reported multi-billion euro losses on Wednesday, showing the scale of the country's problems with its property market. The three banks - Banco CEISS, BMN and Caja 3 - which have all been rescued by the government, had to take big write-downs on bad property loans and assets. Spain has forced its banks to recognise their property losses to try to clean up the sector after the country's property boom collapsed in 2008.

France raises 450 mn euros by selling shares in Safran

March 27, 2013 09:02
France sold Wednesday a portion of its holding in the aircraft engine and equipment manufacturer Safran to raise 448.5 million euros ($573 million). After the sale of a 3.12 percent stake in the company, a global leader in engines, landing gear and electrical systems for aircraft, the French state was still the top shareholder with a 27.08 percent holding. The Economy Ministry said that the French state intends to remain a long-term shareholder in Safran, but wanted to take advantage of a 40 percent gain in the company's share price in 2012.

Cyprus church braces for '100 mn euro' bailout hit

March 25, 2013 13:16
Cyprus's wealthy Orthodox Church stands to lose more than 100 million euros in the bailout deal reached with international creditors early Monday, its leader Archbishop Chrysostomos said. "The capital owned by the Church, which was over 100 million euros, has been lost," the archbishop told reporters. "There will be many difficulties, some will lose their jobs, the hungry will be multiplied and the Church has to take care of people," he added.
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