Globtel reports FY98 loss of 2 billion Sk

Globtel GSM reported a projected loss of 2.081 billion Slovak crowns on revenues of 4.1 billion crowns in 1998. Exchange rate losses of 2.5 billion crowns, as well as the necessity of creating 452 million crowns in reserves against future currency devaluations, had the greatest impact on Globtel's bottom line.

Globtel Financial Director Juraj Koman said he expected 1999 results to be in the black, even though the company's business plan did not call for profit until 2001. Koman said that the "unexpected interest of the public in the services of Globtel GSM" were behind the sooner-than-expected profits.

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