Spectator on facebook

Spectator on facebook

Business Briefs

Istrobanka records Q1-Q3 profit of 62.4 million crowns
Nine firms to compete after SP loses monopoly
Lyonnaise des Eaux praises water privatisation plan
Fides reports 2.9 billion crown turnover for Q1-Q3
Globtel has three-quarter profit of 1.9 billion crowns

Istrobanka records Q1-Q3 profit of 62.4 million crowns

Istrobanka grossed a profit of 62.4 million crowns ($1.24 million) for the first nine months of this year, up 37.8% year-on-year. For the third quarter of this year its profit increased by 25 million crowns ($500,000). Based on unaudited and unconsolidated results, the bank's total assets grew 4.4 billion crowns ($88 million) to 29.1 billion crowns ($582 million) compared with the same period of the previous year.
The volume of loans to clients increased 400 million ($8 million) crowns during the third quarter. At the end of September client deposits totalled 14.9 billion crowns ($298 million).


Nine firms to compete after SP loses monopoly

Eight or nine commercial insurance companies will compete on the market for liability insurance for motor vehicles after the largest commercial insurer, Slovenská poisťovňa insurance company, loses its monopoly on this type of insurance in July next year.
The government November 3 brought forward the original date for ending the monopoly from January 2002.
General secretary of the Slovak Association of Insurance Companies Vladimír Rančík said that five would be the optimal number of insurance companies to provide the insurance.


Lyonnaise des Eaux praises water privatisation plan

Lyonnaise SR Bratislava, daughter company of French-Belgium firm Lyonnaise des Eaux, November 6 praised an agreement between the Slovak Agriculture Ministry and the Privatisation Ministry on the transformation of state-owned water utilities, Vodárne a Kanalizácie (VaK). Lyonnaise SR director Antonín Pokorný said that the parent company could hold a 20% to 30% share on the market after the successful privatisation of VaK.
Pokorný added that a delay in transformation would increase the required investment cost for the development of the water and sewage network.
He added that Slovak citizens may have to prepare for a water price hike because costs paid for cleaning and processing of water and its distribution have to be recouped by investors, while the state cannot continue to provide financing for the constant subsidy of utilities such as Vodárne a Kanalizácie.


Fides reports 2.9 billion crown turnover for Q1-Q3

The biggest drug distributor in Slovakia, Fides-Zdravotníckej Zásobovanie, reported a turnover of 2.94 billion crowns ($58 million) for the first nine months of 2000, up 46.7% from the same period of 1999. The business plan for 2000 envisages a turnover of over three billion crowns ($60 million), Ladislav Zakopčaník, head of the company's sales and marketing department, said November 6.
Fides' share of the market increased 3.14 percentage points to 18.71% over the January to September period compared with the same period of the previous year, allowing the firm to retain its position as the largest drug distributor in the country.


Globtel has three-quarter profit of 1.9 billion crowns

Globtel, one of two mobile phone operators in Slovakia, reported EBITDA profit of 1.89 billion crowns ($38 million) during the first three quarters of the year, already reaching its profit for the whole of 1999. Revenues for the sale of services and mobile phones totalled 5.37 billion crowns ($100 million) over Q1-Q3.


Compiled by Ed Holt
from SITA

Top stories

Kysuce highway stalled due to missing money

Money is missing to finish the section of highway between Žilina and Poland, stopping the completion of the D3 highway project.

Road-blocking protest in Povina, Kysuce, demanding completion of highway bypass - February 16.

Slovak film won Generation Kplus section at Berlinale

The film Little Harbour that won the Crystal Bear – beating movies from many other countries - is the work of (mostly) Slovak women.

Director of Little Harbour, Iveta Grófová, with the Cristal Bear

State insulation falls behind expectations, ministry widens support

Only 134 homeowners in the first round and 62 in the second applied for a subsidy via the insulation programme.

Only 134 homeowners in the first round and 62 in the second applied for a subsidy via the state insulation programme. Illustration stock photo

US philosopher with Slovak roots, Michael Novak, dies

The man who advised politicians and even presidents Gerald Ford and James Carter died on February 17, aged 83.

Michael Novak