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CORPORATE BRIEFS

SMZ Jelsava Q3 gross profit of 181.5 million Sk

With revenues of 1.06 billion Sk (up 13%) and costs of 878.18 million Sk (up 11%), Slovenske Magnezitove Zavody, a.s., Jelsava (magnesite works-SMZ) reported a Q3 pre-tax profit of 181.46 million Sk ($5.06 million). Nine months into 1998, sales for its own products and services were 955.19 million Sk ($26.5 million) while its output was 968.64 million Sk.

Milan Sabo, the company's economic director, said that in 1998, SMZ Jelsava's exports have increased to represent 81% of total sales. Along with traditional destinations such as Germany or the Czech Republic, the company exported its goods to eastern European markets (chiefly neighbouring countries and Russia, Romania, Latvia, and Slovenia), western European countries, the Republic of South Africa, Iran, India, China, and South America.

Borrowings make up over three-quarters of the company's assets, totaling 1.37 billion Sk. Shareholders' equity went up almost 40% year-on-year to 293.74 million Sk. Registered capital is 10.41 million Sk.

The magnesite works increased its investments by 86 percent year on year, investing 61.9 million Sk from January to September 1998. In September 1997, the company employed 1,570 people, but this figure went down 63 this September. SMZ Jelsava plans its 1998 profit at 150 million Sk, and its revenues should exceed 1.4 billion Sk.

SMZ Jelsava is involved the extraction of magnesite from a deposit of global significance, its enrichment, and its processing to magnesite clinker.

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