BUSINESS SHORTS

SPP nets Sk24 billion in 2006

SLOVAK GAS utility Slovenský Plynárenský Priemysel (SPP) posted a net profit of Sk24 billion (€706 million) in 2006, which is an increase of Sk3.6 billion (€107.5 million) since the year before, SPP executive board chairman Jan Massmann announced on May 29.

SPP's profit was largely influenced by the company's profits from financial operations, which were Sk6 billion (€180 million) higher than in 2005. The financial results were also positively influenced by higher interest rates in Slovakia, higher dividends from SPP's daughter companies and hedging operations employed to guarantee against currency risk.

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