Spectator on facebook

Spectator on facebook

CORPORATE BRIEFS

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.

Top stories

Emergency declared in Prešov after Sunday storm Video

A powerful storm swept through the city on July 23.

Strong storm hit prešov on July 23.

Slovak water slalom racers won seven medals

Young Slovak talents made the hearts of sports fans race with their performance at the World Championship in water slalom.

Marko Mirgorodský

Austrian Ambassador: The normalisation of our relations has grown

Most people want the EU to exist in the future – we just have to mobilise this majority and not take things for granted, says Austrian Ambassador to Slovakia Helfried Carl in an interview with The Slovak Spectator.

Austrian Ambassador Helfried Carl

Fico for better fish fingers

It’s true that in the past four months, Mr Fico has been comparatively less busy than his Visegrad Group partners.

Austrian fish fingers angered PM Fico.