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Estonian Harju Elekter increases profits in 2014

BC, Tallinn, 25.02.2015.Print version
Estonian electrical fittings manufacturer Harju Elekter informed the Tallinn Stock Exchange that its profit for the year 2014 increased by 89% while the profit for the fourth quarter fell by 15.1%, informs LETA.

The consolidated net profit of the reporting year was 9.8 million euros, increasing approximately by 4.6 million euros or 89% compared to the previous period. The share of the owners of the company was 9.7 million euros. EPS in 12 months was 0.56 (2013: 0.30) euros. In the fourth quarter, the profit was 253,000 euros versus 298,000 euros at the same time in 2013, meaning a fall of 15.1%.

 

The group’s revenue increased in the fourth quarter by 15.3%, compared to the fourth quarter 2013 and amounted to 14.2 million euros. Consolidated sales revenue for the reporting year reached 50.6 million euros, having increased 4.8% in relation to the comparable period. 70% of the group’s products and services were sold outside Estonia.

 

"2014 was an eventful and successful year for the Harju Elekter Group. Despite the fact that the economic environment and the markets were unstable and volatile, we were able to reach the goals we set for ourselves and increasing group’s sales revenue and profit," the company commented.

 

In July 2014, the group’s subsidiary Satmatic Oy purchased all shares of Finland’s largest pre-fabricated substation producer Finnkumu Oy, whose financial statements of the second half of the year comprises the group’s fourth quarter and year 2014 interim report since 1 July 2014.

 

In July 2014, the group sold its 34% holding in AS Draka Keila Cables to the core investor Prysmian Group. Affiliated company’s profit is consolidated by the equity method till 30.6.2014. Both of these events had an impact on both the group's accounting quarter as well as 12-months consolidated financial results.






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