Several growth companies on Estonia’s Tallinn Stock Exchange (Nasdaq Tallinn), including Clevon, ELMO Rent, and Hagen Bikes, saw significant losses in 2022, ERR reports. ELMO Rent’s annual turnover was only half of the forecasted amount, resulting in losses that were more than double the expectations. Despite the declining share prices and growing panic among shareholders,…
Estonian shipping company Tallink Grupp carried a total of 1,541,081 passengers in the second quarter of 2023, which was down 0.7% from 1,552,174 in the same period of 2022, The Baltic Times reports. The drop was mostly due to the fact that the company has chartered out 7 of its 15 vessels. Tallink transported 85,359…
Lithuania’s state-owned railway company, Lietuvos Gelezinkeliai (LTG), generated revenue of EUR 434.1mn in 2022, which was down 6.7% from EUR 465.1mn in 2021, LRT reports. The company’s annual net profit amounted to EUR 1.2mn, which was down almost 20 times from EUR 23.5mn a year earlier. LTG’s freight volume totalled 31mn tonnes in 2022, which…
Latvia’s Competition Council has allowed Estonian investment company Dragad to merge into Estonia-based holding Maral Invest, Baltic News Network reports. Following the merger, Dragad will be removed from the commercial register. Dragad’s Estonian subsidiary, Võru-based Cristella VT, produces various bakery products. Maral Invest owns three major bakeries in the Baltic states: Estonia’s Eesti Pagar, Latvia’s…
The Latvian government has approved amendments to requirements on green public procurement, aiming to provide more opportunities for local producers, Baltic News Network reports. The updated criteria cover various categories such as food and catering, indoor and street lighting, construction, transport, and road construction and maintenance. The amendments will enable municipal and state institutions to…
Only 56% of legal entities in Estonia managed to submit their annual reports on time by the 30 June 2023 deadline, according to the Ministry of Justice, BNS reports. Out of approximately 290,000 entities obligated to report, which make up about 95% of all legal entities, altogether 162,689 submitted their reports on time. Margit Veskimäe,…
Estonian property developer Kapitel plans to build a new five-storey apartment hotel on Kalasadama Street in Tallinn’s Kalamaja neighbourhood, ERR reports. Martin Rebane, development director at Kapitel, estimated the construction costs at EUR 30-40mn. He said that the hotel would cater to both short-term and long-term accommodation. The 4,170 m2 hotel will have 206 rooms,…
Following the imposition of sanctions on Russian timber, Estonia has seen a surge in heavy timber imports from unexpected countries, where forests are assumed to be scarce, Postimees reports. Henrik Välja, CEO of the Estonian Forest and Wood Industries Association (EMPL), said that Russian timber continued to flow into Estonia through an illegal scheme whereby…
The Latvian bakery, Kuldigas Maizes Ceptuve (Kuldiga Bakery), will continue operations under new ownership, LSM reports. Earlier, the company announced that the bakery would be forced to shut down. However, the bakery has now been acquired by Kuldiga-based entrepreneur Gatis Rozenfelds, who plans to resume production. Kuldiga Bakery began producing bread and pastries in the…