Slovnaft posts 2.7 billion Sk loss in first nine months

Slovak oil refiner Slovnaft posted a nine month loss of 2.7 billion crowns ($64.8 million) versus gross profit of 1.8 billion crowns in the same period in 1998. The results, which came from the BSE on November 1, were non-audited and non-consolidated.

Overall sales for the period were 26.5 billion Slovak crowns ($640.1 million). The company posted a 4.5 billion crown loss from financial operation.

Earlier this year, Slovnaft said it expected to post a pre-tax loss of 2.83 billion crowns in 1999 compared with a pre-tax profit of 0.91 billion crowns in 1998. The company has said it expects to end the year in the red mainly due to the formation of reserves for exchange rate losses on foreign currency loans.

The company is curently looking for a foreign strategic partner, whom it hopes to find by the end of the year, or in the first quarter of 2000.

According to Slovnaft's 1998 annual report, the majority owner of the company is management-led group Slovintegra, with around 51%. Other shareholders are the EBRD with 10.5%, Slovbena with 5.8%, and 32.7% is held by unnamed shareholders.

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