Váhostav-SK makes profit of €1.4 million in first half of 2015

CONSTRUCTION company Váhostav-SK made a profit of around €1.4 million in the first half of 2015, with its CEO Marián Moravčík stating that it would like to increase the figure to €7.5 million by the end of 2015.

(Source: Sme)

Váhostav made headlines earlier this year when it went into restructuring with a controversial plan to pay off its debts that was alleged to be aimed at favouring banks to the detriment of small suppliers and creditors. The adoption of the restructuring plan was accompanied by suspicions that shell companies close to tycoon Juraj Široký are among the ordinary creditors.

“We’ll make a profit, and that’s something we haven’t been used to over the past three years,” said Moravčík as quoted by the TASR newswire, adding that the firm’s creditors should receive the first larger amount of money owed to them by the summer of 2016. “The first payment of around €5 million will be issued by June 30, 2016,” he specified.

According to Moravčík, the company is currently stable, internally cleansed, has reduced fixed costs and increased productivity. It has also managed to raise employees’ salaries by 10 percent.

Váhostav -SK’s revenues in the first half of 2015 were larger than for 2014 as a whole. Furthermore, the company plans to double its turnover from 2014, with production reaching a level of around €220 million.

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