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Slovnaft reports significant profits

DOMINANT oil group Slovnaft reported a net profit 300 percent higher than last years. However, the company’s petrol sales fell.

Slovnaft reported a Sk7.890 billion (€200 million) net profit for the January to September 2004 period, representing a 347 percent hike compared to the same period last year, the news agency TASR wrote.

The group's operating profit for the first nine months stood at Sk8.3 billion (€210 million), up 201 percent on the year. Earnings before interest, tax, deduction and amortisation (EBITDA) almost doubled to Sk10.7 billion (€270 million).

Slovnaft's petrol sales fell by 3.4 percent in the same time period largely because of high prices driven by the global oil market. By contrast, sales of diesel continued to rise in the face of its equally hiked prices.

Compiled by Marta Durianová from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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