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Corporate profits jump 56 per cent

SLOVAK companies, both financial and non-financial, generated profits of Sk134.8 billion last year, said Pavol Baláž, general director of national accounts and prices for the Slovak Statistics Office.

In the non-financial sector, profits jumped by 56 per cent over 2000 to Sk122 billion, an increase Baláž attributed to the reduction of the number of loss-making companies stemming from new bankruptcy laws as well as a gradual decline in ineffective production techniques. Manufacturing companies boosted profits by 63.1 per cent, while service industry firms increased profits by 47.7 per cent.

Financial companies generated an aggregate profit of Sk12.8 billion, a year-on-year increase of 46.1 per cent. The banking sector led the pace with a 33.7 per cent profit increase to Sk12.8 billion, followed by insurance providers and pension funds, which grew earnings by 26.3 per cent to Sk1.4 billion.

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