Slovalco reports 283 million Sk gross profit for 1Q99

Aluminum smelter Slovalco, based in central Slovakia's Žiar nad Hronom, earned a gross profit of 283 million Slovak crowns for the first quarter of 1999. The Q1 profit is close to what the company reported for the whole of H1 one year ago.

Three-month output at Slovakco hit 2.29 billion crowns, while gross sales were 2.35 billion crowns, reported Slovalco Technical Director Milan Veselý.

According to the US accounting standards (US GAAP), Slovalco showed gross sales of $61 million and a profit of $4.6 million in 1Q99. The company exported 2.04 billion crowns ($53 million) worth of goods. Its Q1 investments amounted to 25 million crowns ($568,000).

Slovalco Director General Stefan Tesak said the first quarter results had surpassed management expectations, and were due to good production and trade results, higher-than-expected hedging revenues and profit from depreciation of the Slovak crown. "Purchase prices on world raw material markets were stable and, moreover, a slight growth in sales prices was posted since February," added Tesak.

Slovalco was founded in 1993 with a registered capital of 4.95 billion crowns as a 100% daughter company of ZSNP in Žiar nad Hronom. In October 1994, the Norwegian firm Hydro Aluminium and the European Bank for Reconstruction and Development (EBRD) entered the company, buying a 10% stake each.

Slovalco's share assets are $150 million. ZSNP controls an 80% stake.

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