Tallinna Kaubamaja boost Q3 earnings almost fivefold

The listed Estonian retail group AS Tallinna Kaubamaja has posted a consolidated unaudited net profit of 73.2 million kroons (EUR 4.7 mln) for the third quarter of 2010, compared with a profit of 15.4 million kroons (EUR 1 mln) earned during the same three months in 2009.
Sales revenue in the third quarter amounted to 1.6 billion kroons, marking an increase of 0.4 percent year-on-year. The group’s sales revenue in Estonia grew by 4.0% in the third quarter and by 0.2% in the first nine months of the year. In the first nine months the group earned a net profit of 144.7 million kroons. The result for the same period a year ago was a loss of 23 million kroons.
Tallinna Kaubamaja’s consolidated unaudited sales revenue in the first nine months of 2010 was 4.6 billion kroons, down 3.6% from 4.8 billion kroons in the respective period a year ago, the retailer told the stock exchange.

Source: Estonian Review

Average montly labor cost is 1,027 euros

According to Statistics Estonia, in the 3rd quarter of 2010, the average monthly gross wages and salaries were 11,874 kroons (759 euros) and the hourly gross wages and salaries were 72.00 kroons (4.60 euros). Compared to the 3rd quarter of 2009, the average monthly gross wages and salaries were by 0.9% higher and the average hourly gross wages and salaries were by 0.3% higher.

The average monthly gross wages and salaries that had been in falling trend for five quarters compared to the same quarter of the previous year, increased 1.2% in the 2nd quarter this year. In the 3rd quarter the growth continued, but at slower pace. At the same time, the real wages which took into account the influence of the change in the consumer price index decreased for the eighth quarter in succession. In the 3rd quarter of 2010 the real wages decreased by 2.3%.

As at the end of September, the number of employees was 4.8% smaller than in 2009 at the same time.

Compared to the 3rd quarter of 2009, the average monthly gross wages and salaries increased the most in mining and quarrying (9.2%) and decreased the most in real estate activities (10.2%).

Compared to the 3rd quarter of 2009, the average hourly gross wages and salaries increased the most in agriculture, forestry and fishing (5.2%) and decreased the most in real estate activities (11.3%).

The average gross wages and salaries were 11,817 kroons (755 euros) in July, 11,523 kroons (736 euros) in August and 12,276 kroons (785 euros) in September.

In the 3rd quarter of 2010, the employer’s average monthly labour costs per employee were 16,068 kroons (1,027 euros) and the average hourly labour costs were 114.93 kroons (7.35 euros). Compared to the 3rd quarter of the previous year, the average monthly labour costs per employee increased 0.3% and the average hourly labour costs decreased 0.5%.

Compared to the 3rd quarter of 2009, the average monthly labour costs per employee increased the most in mining and quarrying (9.7%), and decreased the most in real estate activities (10.2%). The average hourly labour costs increased the most in agriculture, forestry and fishing (5.3%) and decreased the most in real estate activities (13.3%).

Statistics Estonia conducts the survey of wages and salaries statistics on the basis of international methodology since 1992. In 2010, the sample includes 11,685 enterprises, institutions and organisations. The average monthly gross wages and salaries have been given in full time units to enable a comparison of different wages and salaries, irrespective of the length of working time. Calculations of the monthly gross wages and salaries are based on payments for actually worked time and remuneration for time not worked. The hourly gross wages and salaries do not include remuneration for time not worked (holiday leave pay, benefits, etc.). In short term statistics, the average gross wages and salaries are measured as a component of labour costs. Labour costs include gross wages and salaries, employer’s contributions and employer’s imputed social contributions to employees.

The low monthly wages and salaries of educational staff in the 3rd quarter were related to the reflecting of holiday pay of the most of employees in the 2nd quarter.

Average monthly gross wages and salaries, 1st quarter 2006– 3rd quarter 2010 (kroons)
  Year 1st quarter 2nd quarter 3rd quarter 4th quarter
2006 9 407 8 591 9 531 9 068 10 212
2007 11 336 10 322 11 549 10 899 12 270
2008 12 912 12 337 13 306 12 512 13 117
2009 12 264 12 147 12 716 11 770 12 259
2010   11 865 12 869 11 874  

Average monthly gross wages and salaries
and monthly labour costs per employee, 3rd quarter 2010

Diagram: Average monthly gross wages and salaries and monthly labour costs per employee, 3rd quarter 2010

Average hourly gross wages and salaries and hourly labour costs, 3rd quarter 2010

Diagramm: Average hourly gross wages and salaries and hourly labour costs, 3rd quarter 2010

Source: Statistics Estonia

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