Chirana posts an unexpected loss

Chirana-Prema Inc., a medical equipment company located in Stará Turá, recorded a 24.1 million Sk loss for the first half of 1997 on 599 million Sk of sales and 784 million Sk of total revenues. Juraj Borovský, Chirana's general director, explained the loss by increased commercial interest rates and exchange rate fluctuations. "We purchase a lot of material abroad, and the moving exchange rates significantly increased our costs," Borovský said. "Due to the economic-political situation, foreign banks are forcing us to repay loans, and we have to pay them back at much worse rates than when we acquired them."