Doprastav projects 2000 profit of 120 million crowns
Following its recent acquisition of a 62.53% share of Czech construction company Metrostav, Slovak firm Doprastav plans to close 2000 with a net profit of 120 million crowns ($2.5 million). Total output should more than double over last year to 4.8 billion crowns ($100 million). Labour productivity should swell to more than 1.3 million crowns per employee, the firm said September 8.
Doprastav bought the specialist subway and tunnel construction company from four investment funds for 950 million Czech crowns in early September, and is hoping that close cooperation with Metrostav will improve the competitiveness of both companies, increase their chances in tenders, and lower their needs for investment funding. Aggregate annual sales of both companies should oscillate between 12 to 15 billion Czech crowns.
Sony Slovakia expands production at Trnava plant
Sony Slovakia September 8 launched the first of three new lines for the production of high voltage transformers at its production unit in Trnava, western Slovakia. The company, whose new facility has an annual capacity of 200,000 transformers, has already invested 50 million crowns into the reconstruction of an old production hall, and its total investment costs have reached 100 million crowns.
The next two production lines should be put into operation by the end of March 2001, employing approximately 100 people. During the fiscal year 2000 starting on April 1, Sony Slovakia plans output of 4.38 billion crowns ($91 million), a 77% growth from the 2.47 billion crowns reported last year.
Slovak Telecom revises profit forecast for 2000
Slovak Telecom (ST) has revised its profit estimates for 2000 and expects to end the year with only a nominal profit, Deputy Telecom Minister Dušan Faktor said September 8.
The firm's original business plan for this year forecast a profit of 1.6 billion crowns. The revised plan envisages only 8 million crowns in profit.
Faktor said that Slovak Telecom had revised its expected financial performance because of falling revenues following the introduction of the new price list and a drop in the number of new clients.
Poštová Banka 228 million crowns in red in H1
Poštová Banka closed the first half of this year 228.1 million crowns in the red, its loss deepening 74.1 million crowns compared with the figure for the end of June last year. The bank's total assets increased by 8.2% year-on-year to 18.4 billion crowns.
The growing loss, the bank has said, has been caused by the writing off of irrecoverable claims of 201.18 million crowns coupled with the creation of additional provisions of 94.05 million crowns to cover risky assets.
Public transport companies livid over diesel prices
Public transport companies have said the present high price of diesel has become unacceptable as diesel prices outstripped those for petrol September 5.
Emil Binda, president of the Bus Transport Association (ZAD) and the public transportation company SAD Bratislava, said September 6 that the price rise would absorb all gains from the programme for renewal of the bus fleet for public transport companies. The government has allocated 200 million crowns for the project.
As of June 5, the price of one litre of diesel rose to 34.5 crowns at petrol stations of the country's largest fuel retailer, Slovnaft. Normal 91 UNI petrol costs 34 crowns per litre, Super 95 34.30 crowns and Super 95 UNI 34.5 crowns. The Slovak Association of Petroleum Industry and Commerce has said that the excise tax on hydrocarbon fuels and lubricants accounts for as much as 39% of the diesel price, with value-added tax making up a further 19% and 2% going in customs fees.
Compiled by Ed Holt