CORPORATE BRIEFS

Tire maker Matador reports 1998 after-tax profit of 85 million crowns

Slovakia's only tire maker, Matador a.s. Puchov, netted 85.03 million crowns last year, up 23.61% from 1997. Matador produced goods worth 6.68 billion crowns, with sales of its own products and services constituting over 98% of this sum.

Costs of production amounted to 4.87 billion crowns, while added value was 1.93 billion crowns. Matador showed an operating profit of 439.86 million crowns, but lost 255.76 million crowns on financial transactions.

At the end of last December, Matador's assets totaled 10.52 billion crowns, down less than one percent from 1997. Fixed assets were worth 4.05 billion crowns, while current assets were at 6.15 billion. Short-term accounts receivable mounted by 18.78% year-on-year to 2.8 billion crowns, while long-term receivables rose 2.74% to 1.96 billion crowns.

Shareholders' equity in Matador, amounting to 5.4 billion crowns last year, accounted for approximately 51% of liabilities. The company had 4.83 billion crowns in loans, with 2.39 billion in current liabilities making up the largest part. Bank loans dipped 6.8% year-on-year to 1.5 billion crowns.

The registered capital of the company was valued at 1.77 billion crowns at the end of the last year. The majority shareholder of Matador Puchov is Matador Holding a.s. Puchov. The company is the largest producer of rubber products in Slovakia; its basic product range includes car and truck tires and rubber belts.

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