Slovnaft blames 3 billion Sk first half loss on currency

Slovakia's largest oil refinery Slovnaft Bratislava racked up a 2.95 billion ($70 million) Slovak crown loss during the first six months of 1999, a development which company officials blamed on a weak crown and high world prices for Brent crude oil. From January 1 to the end of June, the crown weakened against the dollar from 36.9 to 43.8, while the price of crude oil grew from $10.40 per barrel to $17.

Slovnaft's 1H99 operating profit dipped from last year's 1.6 billion crowns to 1.04 billion crowns, largely as a result of the 3.82 billion crowns the firm created in reserves against currency fluctuations.

Get daily Slovak news directly to your inbox

Top stories

News digest: Slovakia to spend three Advent weekends with testing. President wants it to be voluntary

Seven candidates for the general prosecutor post approved. Acting general prosecutor steps down.

Installation of Christmas tree in Trnava

Who was behind the sale of one of the biggest banks in Slovakia

The largest law firms were involved in several innovative projects, too.

UK nationals in Slovakia advised to take action as end of transition period nears

UK Nationals should check the British Embassy's "Living in Guide" for the most up-to-date information.

Illustrative stock photo

Three rounds of testing should take place before Christmas

The first round will be nationwide and should take place in two weeks.