CORPORATE NEWS

Slovenské Lodenice plans to sell 15 ships abroad in 1997

Slovenské Lodenice, a shipbuilder located in Komárno, made a gross profit of only 11.2 million Sk last year, 60 million Sk lower than in 1995, company officials announced. However, the company's sales of 3.41 billion Sk were 26 percent higher than in 1995, officials added. Slovenské Lodenice produced 11 naval cargo ships last year, of which eight were sold to Germany, the company's largest customer the past two years. The other three were sold to Russia.

Last year, Slovenské Lodenice invested 115.8 million Sk, of which 75 percent went towards ship building technology. The company plans to construct 15 ships this year, of which one will be in Cupertino with the Yugoslavian shipbuilder Sava. Its sales should remain at 3.4 billion Sk this year, and profit should grow to 83 million Sk, Lodenice's managers said. At the end of 1996, the company's shareholders approved a modification of its plans for a capital stock issue; it will issue convertible bonds worth 300 million Sk and standard bonds worth 200 million Sk. At present, it is selecting the manager of the issues.

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