Energy, Estonia, EU – Baltic States, Good for Business, Technology

In the first quarter of 2015 the company netted only 10,000 euros. Earnings per share in the first quarter of 2016 were two cents. Both the profit and profit margin have improved compared to the same period last year, Harju Elekter told the stock exchange.

The company earned 89% of the revenue from the manufacturing segment and 11% from real estate and other activities. Sales of electrical equipment accounted for 94% of the manufacturing revenue. Rent revenue increased by 8% or 38,000 euros due to the completion of a production building in the Allika industrial park in June 2015.

The group's biggest market Finland has grown by 20% or 1.2 million euros in annual comparison and accounted for 63% of the sales of the group's products and services in the first quarter. The management expects the share of the Finnish market to increase further in 2016.

Sales on the Swedish market increased by 487,000 euros or 160% year on year.

Operating expenses of Harju Elekter increased by 4%.

The group employed in the first quarter 453 people on average, 14 fewer than the year before. Average monthly wages per employee were 1,747 euros compared to 1,705 euros a year earlier. Overall labor costs decreased by 4.5% to three million euros.