Energy, Estonia, Good for Business, Markets and Companies

The consolidated net profit of the reporting quarter was 3.2 (Q3 2013: 2.4) million euros, of which the share of the owners of the company was 3.1 (Q3 2013: 2.4) million euros. EPS in the third quarter was 0.18 (Q3 2013: 0.14) euros.

Overall, the consolidated net profit of the first nine months of this year was 9.5 million euros, being 2 times higher compared to the previous period. The share of the owners of the company was 9.5 million euros. EPS in nine months was 0.54 (9M 2013: 0.28) euros.

In July 2014, the group’s subsidiary Satmatic Oy purchased all shares of Finland’s largest pre-fabricated substation producer Finnkumu Oy, whose third quarter financial statements comprises the group’s third quarter and nine months 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.

Harju Elekter's revenue increased in the third quarter compared to the previous quarter by 35.8% and reached 15.7 million euros. Because 50% of the growth came from Finnkumu Oy, the comparable increase in the third quarter sales volumes was 10.9%.

Consolidated sales revenue for the nine month period reached 36.4 million euros, having increased 1.2% in relation to the comparable period. 70% of the group's products and services sold outside Estonia.