CORPORATE BRIEFS

TV manufacturer OTF Holding reduces loss by 83% in 1998

One of two TV manufacturers in Slovakia, OTF Holding Nižna, managed to reduce its 1997 losses of 451.2 million Slovak crowns ($10.2 million) to 76.9 million crowns last year, thanks chiefly to the restructuring and transformation of the holding company. OTF's output fell 83 million crowns year-on-year to 931 million crowns, a consequence of the firm's shortage of operating capital to finance production, OTF director Marián Lucky said on April 19.

The turnover of OTF Holding totaled about 1.24 billion crowns, while costs accounted for 1.32 billion crowns. Added value reached 227.8 million crowns. The holding employed 1,709 people in 1998 with an average monthly salary of 8,094 crowns ($190).

OTF Holding is an umbrella organisation that was created at the end of 1998 to replace the troubled OTF a.s., which is currently undergoing bankruptcy proceedings. The biggest of the seven daughter companies within OTF Holding is OTF-TV a.s., which is involved in the production of televisions.

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