OREANDA-NEWS. The economic results of the Group of Harju Elekter in the first half-year were as expected. While 2006 was marked by exceptional large projects in Lithuania, this year Estonian subsidiary AS Harju Elekter Elektrotehnika has won several large orders-contracts. With the support of good economic condition, a solid growth is continuing in Finland also in this year, reported the press-centre of Harju Elekter.

To sum up, we have managed to provide sufficient resources in order to ensure a normal growth pace and a sustainable orders portfolio for the second half-year of 2007.

In the H1 2007 the sales revenue of the Group increased to 329,9 million kroons (21,1 million euros). In the second quarter the turnover was 178,3 million kroons or 11,4 million euros (Q2 2006: 171,0 million kroons or 10,9 million euros).

The fastest rates of growth in the Q2 occurred in the Estonian segment. Compared to the Q2 2006, the sale of Estonian companies increased by 28,5% to 100,3 million kroons (6,4 million euros). Of the growth in the Q2 turnover of the Estonian segment in the amount of 22,3 million kroons (1,4 million euros), 14,5 million kroons (0,9 million euros) was achieved on foreign markets. Several large orders were executed, incl. initial supplies within the framework of Greek METKA project. Sales to the domestic market also increased by 7,8 million kroons (0,5 million euros).

The sales volumes of the Finnish segment also increased, reaching 61,0 million kroons (3,9 million euros), which is 4,9 million kroons (0,3 million euros) more than in the reference period, and within the first six months products were sold in the total amount of 117,7 million kroons (7,5 million euros), which is 20,1 million kroons (1,3 million euros) more than in the previous year. The growth in the volume of sales was supported by the favorable conditions of Finnish economy, the growth of the corresponding economic sector and the increase of orders from exporters.

Traditionally the largest part, over 80%, of the sales revenue was received from production. A significant part, nearly 10%, of the Group's sales revenue was received from the trade group that again demonstrated the fastest growth rate, based on the support from the continuing construction boom. In the Q2 the trade group sold electrical goods by 17,5% and in the first half-year by 25,8% more than in the respective reference periods of the previous year.

For more information: Internal report 1-6/2007 of Harju Elekter and Mrs Karin Padjus, Member of the Board (phone +372 674 7403).