The SE electricity utility lost over Sk838 million ($20 million) in the first three months of this year, almost Sk1.9 billion better than expected, on increased sales and a stronger currency, which lowered reserve creation requirements.
On the other hand, the result was hurt by the decision of the government not to press Sk2 billion in penalties against non-paying clients. Costs during the period were Sk38.4 billion against revenues of Sk37.6 billion.
The results cannot be compared to previous years because SE was split into three companies at the beginning of this year ahead of the expected privatisation of a minority stake.
SE produces 80 per cent of Slovakia’s energy needs and employs 9,837 people.
Compiled by Tom Nicholson from press reports.
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.
28. Nov 2002 at 8:51