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Harju Elekter Third-Quarter Profit Advances on Higher Demand

Nov. 3 (Bloomberg) -- AS Harju Elekter, the biggest Baltic maker of electrical equipment, said third-quarter profit rose 12 percent, led by higher demand in Lithuania and Estonia.

Net income climbed to 945,000 euros ($1.3 million) from 841,000 euros a year earlier, the Keila, Estonia-based company said in a statement to the Tallinn stock exchange. Revenue rose 17 percent to 13 million euros.

Sales in Lithuania jumped “more than” 60 percent in the quarter, while Estonian revenue grew 30 percent and Finnish sales increased “more than” 16 percent, the company said.

To contact the reporter on this story: Ott Ummelas in Tallinn at oummelas@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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