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BUSINESS BRIEFS

Profit decreases hit metallugry

THE SLOVAK metallurgical industry earned a gross profit of Sk1 billion (€25 million) in the first quarter of 2004, marking a significant decrease from the Sk5.9 billion (€147.6 million) profit for the same period of last year, the private news agency SITA wrote.

Sales in the first quarter, without value-added and excise taxes, dipped by 7.5 percent year on year to Sk23.7 billion (€529.8 million). The revenues in the given period shrank by 26.4 percent to Sk26.5 billion (€662.8 million).

The added value in the sector stood at Sk6 billion (€150 million), which is 11.4 percent down year on year.

Compared to the same period last year, investments in the sector decreased by 25 percent in the first three months of 2004 to Sk1.2 billion (€30 million).

The average number of industry employees decreased by 9.5 percent. The sector's average monthly wage posted an increase of 11.5 percent to Sk22,214 (€556).

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