AS HARJU ELEKTER

ANNOUNCEMENT

26.10.1999

 

 

COMMENTARY TO THE FINANCIAL RESULTS 09/99

 

The 9-months 1999 consolidated net sales of AS Harju Elekter amounted to 

108.2 million EEK (9m 1998 -- 115.3 million EEK) and net profit 14.2 million 

EEK (9m 98 -- 14.1 million EEK).

 

Exports accounted for 48.5% (52.5 million EEK) of total turnover, exceeding 

the last year's result by 6.8% (9m 98 -- 48.1 million EEK, or 41.7% of total 

turnover).

Turnover of factories and subsidiaries:

 

                                            9m 1999         9m 1998 

 

· Electrical equipment factory         44.1 mln EEK    46.4 mln EEK    95%

· Cable harnesses factory 	       33.0 mln EEK    33.3 mln EEK    99% 

· AS Eltek                             16.3 mln EEK    12.7 mln EEK   128%

 

 

The 9-months 1999 consolidated net profit totaled 14.2 million EEK, which is 

approximately equal to the last year's respective result (14.1 million EEK); 

the group's parent company, however, posted 10% higher net profit (9m 99 - 

12.8 million EEK; 9m 98 - 11.6 million EEK). Decreased operating profit was 

mainly due to changed market conditions. At the end of Q3, however, the market 

situation improved and forecasts for Q4 are again rather optimistic.

 

 

Andres Allikmäe

Chairman of the Management Board