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CORPORATE BRIEFS

Komárno shipyard 61.86 million crowns in red

The shipyard Slovenské Lodenice Komárno (SLK) reported a loss of 61.86 million Slovak crowns ($1.5 million) from January to October, 1999, after a 1999 gross profit of almost six million crowns.

The SLK's poor economic results are the result of blockages on the Danube River following the Yugoslav conflict, which have made it imspossible for the SLK to deliver vessels dowstream and fulfill many of its construction contracts.

Because the Danube waterway remains blocked, the shipyard has had to reduce its labour force from 1,700 to 750 people. A portion of the wokers laid off are on forced leave at 60% salary. SLK's revenues are down 37.9% and its output down 85.7% compared with the same period last year. The company has sustained 328 million crowns in direct losses from the postponed delivery of finished vessels.

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