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Slovnaft's profits increase but oil refiner unhappy

SLOVNAFT increased its year-on-year net profit for the first half of 2005 by 7.3 percent to Sk5.31 billion (€136 million). Exports for the oil refinery account for around 80 percent of this, Slovnaft spokesperson Kristina Félová told the TASR news agency on August 12.

Félová was downbeat in her comments despite the good news. "Slovnaft's profit was mainly influenced by the decommissioning of key production equipment in 2Q05, which had a negative influence on oil processing and sales of engine fuels," she said. Lower production capacity caused a fall in Slovnaft production of Sk2.33 billion (€60 million) year-on--year. An unfavourable development of the Slovak currency against the US dollar also lowered profits by Sk1.13 billion (€30 million).

Compiled by Marta Durianová from press reports
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