CORPORATE NEWS

Kerko got a loan from Tatra banka

Kerko Inc., Ko_ice (a floor tile producer), last week began operating a new line for the production of high-quality tiles with an annual capacity of 1.5 million M2. Expenditures for the new line, worth 150 million Sk, were partially covered by an advantageous loan worth 5.5 million DEM (110 million Sk), mediated by the Tatra banka from funds provided by the EBRD. Payback period for the investments is estimated at 3.5 years. It created 40 new jobs. The FNM obliged KERKO to invest altogether 580 million Sk. Last year, the company invested 170 million Sk and this year, it will invest 190 million Sk. During the first 10 months of this year, it made a gross profit of 73 million Sk on 700 million worth of sales. It exported 30 percent of production to the Czech Republic, with portions also going to Poland, Russia and Germany. Annual labor productivity is 500,000 Sk per employee.

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