Estonian Business Profits Shrink 5% Over Year (1)
The total profit of Estonian businesses came in at 801 million euros in the second quarter, a 5 percent drop compared with the same period of last year.
Declining profits in manufacturing, as well as in transportation and storage activities, were the biggest contributors to the drop, Statistics Estonia said in a release today.
Manufacturing profits were down 19 percent, hit by losses in the area of fuel oil, food and chemical products, while transportation and storage profits dropped by a quarter mainly due to lower results in sea transport.
Activities more closely tied to the domestic market fared better, with real estate, trade and energy the largest positive contributors to the total profit figure.
Investment was down 8 percent compared with the second quarter of 2012, but total sales of goods and services came in on the plus side, rising 9 percent over the year to reach 12.7 billion euros.
Businesses' total costs were up 10 percent, with personnel expenses rising 9 percent. Labor productivity remained at the same level as a year earlier.