Slovnaft endures weak first quarter

THE SLOVNAFT refinery in Bratislava recorded an operating profit of Sk329 million ($7 million) in the first quarter of 2002, far from the Sk1.8 billion notched in the same period in 2001. The firm blamed lower prices after the global slowdown. Revenues for 1Q02 were Sk12.6 billion, down 26.1 per cent year-on-year.

According to Slovnaft spokesman Ľubomír Žitňan, the refinery expects to cut its workforce by 5-7 per cent by 2005. Slovnaft has seen its labour force decline from 8,000 in 1990 to 4,800 today through restructuring.

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