CORPORATE NEWS

Slovnaft's gross profits grow 26.6% in 1Q98

Slovnaft, Slovakia's sole oil refiner, posted unconsolidated pre-tax profits of 1.0 billion Sk ($29.2 million) in the first quarter of 1998, versus 790.3 million in the same period last year, representing a 26.6% increase, the BSE said on May 5. Slovnaft announced last month that its 1997 after-tax profit had risen to 1.702 billion Sk from 1.290 billion Sk the previous year. Slovnaft is the most heavily-weighted issue on the BSE's listed floor, accounting for 30.6 percent of the overall capitalization of the 16-share SAX index.

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