State-owned monopoly power producer Slovenské Elektrárne (SE) made a loss of 3.28 billion Slovak crowns ($79 million) in the first half of 1999, largely as a result of exchange rate losses and financial costs of 5.36 billion crowns.
Despite the loss, the company's 1H99 sales went up slightly from 14.9 billion crowns to 15.44 billion crowns, thanks in part to an increase in regulated electricity prices which took effect on January 1. This development should continue in the second half of 1999 (a second price hike took effect on July 1).
As a result of a weaker Slovak currency in 1999, SE had to create almost 8 billion crowns in reserves against exchange rate losses.
