State energy utility Slovenské Elektrárne closed the third quarter of this year with a loss of 1.87 billion Slovak crowns ($45 million). Over the same period of 1998, the company earned a profit of almost 936.8 million crowns. Losses from financial operations contributed the most to the negative economic performance, climbing from 1.3 billion crowns in January to September, 1998, to 4.5 billion crowns in the first three quarters of this year.
The company originally projected losses at 4.6 billion crowns for 1999, a target that counted on prices for electricity remaining stable at the level of January 1, 1999. However, power prices swelled 35% for households and 5% for corporate entities as of July 1, bringing a significant inflow of unexpected revenue into SE's coffers.
1. Nov 1999 at 0:00 | From press reports of TASR and SITA