Harju Elekter sales revenue up 32.5% in Q2/08

The steady increase of orders by the Finnish machinery sector (exporters) ensured the continued growth of the Finnish subsidiary's sales volume. In total, the Finnish subsidiary sold €2.2 million more worth of products and services in Q2/08 and a total of €4.2 million more in the six months, than the year before. Sales to clients outside the Group grew by €1.5 million and a total of €1.6 million in the six months, a growth of 2.4 and 1.7 times, respectively, in comparison with the corresponding periods of the year before. This year, several significant industrial site construction projects were won in Lithuania. Compared to the year before, also the sales revenue from the execution of projects has nearly doubled. Also grew Lithuanian subsidiary's sales to markets abroad in the first half year by €400 thousand. New markets were added in Denmark and Byelorussia; supplies to Norway and Latvia have grown. During the quarter reported, sales by the Estonian segment to clients outside the Group remained at virtually the same level as the previous year, yet grew 10.8% in the six months. At the same time, sales to other geographical segments have grown significantly (four-fold). In the end, the sales volume for the Estonian segment in 2Q2008 was €7.7 million and in the first half year, as a whole, €14.8 million, growing 14.5% and 24.4%, respectively.