Analytics, Financial Services, Latvia, Markets and Companies

Esterkins' 33.11% stake in Rietumu banka earned him LVL 6.88 million last year. Ravis' profit totaled LVL 6.33 million thanks to his stake in the construction company Skonto buve, which increased from 50% to 70% in 2008. Apts, who became the official owner of Recipe Plus, earned LVL 6.22 million last year, writes LETA.

On the other hand, Russian national Ruslan Sereda, who currently only owns construction company Ailes namceltnieks in Latvia, sustained the largest loss in Latvia last year – LVL 11.81 million.

Janis Jansons, the sole owner of BS Finances, a company that acquired wood processing enterprises Saga and Laiko last year, suffered a loss of LVL 10.61 million in 2008.

Andris Sihtors, the largest owner of the construction supplies wholesale company Nelss, which currently undergoes bankruptcy procedures, posted LVL 8.46 million in losses.

Baltic Screen points out that, although businessmen's profits in Latvia decreased last year, many businessmen still reported six-digit profits in 2008.

Of the past four years, 2006 was the most successful year for Latvian businessmen. Many property developers, car dealers and other retail and wholesale trade company owners have dropped out of the Top 100 list last year.

Furthermore, 58 new names have appeared on the list, compared to 2007.

The average profit level also decreased last year. In 2007, company shareholders with profits of LVL 850,000 or more were at the bottom of the list, now the figure has decreased to less than LVL 740,000.