Slovnaft reports after-tax profit of Sk9.2 billion in 2005

The crude oil refiner group Slovnaft earned an after-tax profit of Sk9.2 billion (€260 million) last year, representing a year-on-year decline of eight percent.

Net revenues from the group's sales grew by 19 percent to Sk101 billion (€2.7 billion). Slovnaft's operating profit also dropped eight percent to Sk11.3 billion (€300 million) from the previous year.

The group ascribes the fall in profits to lower output due to planned shutdowns, the firming of the Slovak crown towards the US dollar, and a fine imposed by the Finance Ministry that has already been paid but has been appealed in court.

The company's results have not been audited and are unconsolidated, although they were drawn up in line with international financial reporting standards (IFRS).

The Slovnaft group reported total assets of Sk64.9 billion (€1.7 billion) at the end of last year. Of this fixed assets accounted for almost 66 percent.

At the end of December Slovnaft operated 253 petrol stations. It opened four new filling stations in 2005, shut down 31 stations and started reconstruction on five.

The majority shareholder in Slovnaft is the Hungarian MOL corporation, which controls 98.4 percent of shares.

Compiled by Beata Balogová from press reports
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