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CORPORATE BRIEFS

Nafta Gbely announces consolidated loss of 242 million crowns for 1998

Gas storage company Nafta Gbely reported a consolidated loss of 241.5 million crowns ($5.5 million) for 1998, far down on the previous year, when the Nafta group of companies ended with a profit of almost 100 million crowns.

The non-consolidated results of the parent company indicated a net profit of 152.098 million crowns in 1998, a year-on-year drop of more than 50%. Losses from financial operations deepened by 223 million crowns to 642.2 million, mostly as a result of exchange rate losses and the high volume of paid interest.

The company slightly decreased its equity to 6.312 billion crowns. External resources increased by 200 million crowns to 5.85 billion crowns. Of this sum bank loans represented 4.6 billion crowns.

The Nafta group has total assets of nearly 12.45 billion crowns, including share assets of 3.231 billion crowns.

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