ČLÁNOK




Economic News Summary
1. augusta 2003

Slovakia Reports a Trade Surplus of SKK 93 Mln. in June

In June, Slovakia reported a trade-balance surplus already for the second consecutive month reaching SKK 93 million. A year-on-year growth of exports reached 20.4 percent y/y in the sixth month when exports totaled SKK 69.23 billion. The growth rate of imports accelerated to 9.2 percent, when the country imported SKK 69.138 billion worth of goods, the Slovak Statistics Office reported on Thursday.

Pohronske Strojarne Slips into Red Figures in 2002

Engineering company Pohronske Strojarne, a.s., Hlinik nad Hronom closed last year with a loss of SKK 153.2 million and thus deepened the 2002 gap by another over SKK 115 million, reported the company. The operating loss climbed SKK 114 million y/y to SKK 147.4 million while a loss from financial operations represented SKK 6.2 million. Turnover was at about SKK 160 million, which is SKK 40 million below the projected figure. The company failed to meet its target due to a shortfall in mining engine supplies to Russia.

PSS Reports H1 Profit Soaring to SKK 1.196 Billion

Slovakia’s largest housing construction savings bank Prva Stavebna Sporitelna (PSS) earned a profit of SKK 1.196 billion over H1 2003. In the same period of last year the bank netted SKK 505.9 million. Net interest and other similar revenues of the bank represented SKK 859.8 million while net revenues from fees and commissions amounted to SKK 143.1 million. Six-month general operating costs exceeded SKK 338 million, informed the bank.

PKB Bank Nets SKK 210.3 Mln. in H1 2003

Prva Komunalna Banka (PKB) reported net earnings of SKK 210.3 million in the first half of 2003, up from SKK 154.8 million netted in H1 2002. At the end of this June, net interest income and similar revenues amounted to SKK 542.8 million and net revenues from fees and provisions were at SKK 64.9 million. Six-month general operating costs reached SKK 283.3 million, according to data disclosed by the bank.

Printing House Vychodoslovenske Tlaciarne Netted SKK 22 Mln. in 2002

Printing company Vychodoslovenske Tlaciarne a.s. Kosice last year produced a net profit of SKK 21.9 million, up almost SKK 12.3 million y/y. The company’s operating profit was SKK 33.6 million but losses from financial operation reached nearly SKK 2.7 million, the company informed.

Slovak Commercial Banks Generated H1 Profit of SKK 6.213 Billion

The Slovak banking sector generated a profit of SKK 6.213 billion during the first half of 2003 when all banks ended the monitored period in the black. The banks closed H1 2002 with a profit of SKK 5.579 billion. During the January-June 2003 period the banks created reserves and provisions of SKK 14.169 billion while they dissolved SKK 16.802 billion in provisions and reserves, according to data released by the National Bank of Slovakia on Thursday.

Chemical Company Stachema Grossed SKK 8.3 Mln. over H1

Stachema Bratislava, s.r.o. reported a gross profit of over SKK 8.3 million in the first 6 months of 2003. The company’s output represented 2,118 tons, what means more than SKK 47 million.

The company employs 31 people at present. In the second half of 2003, an investment in construction of storehouses is planned. The company is also carrying out innovation of accelerators on the basis of PCE for gunite concrete and a new group of plasticizers.

Vapop Raises its Share in Rolling Stock Maker Tatravagonka to 91 %

Company Vapop, a.s. Poprad has become the owner of a 39.56-percent stake in Tatravagonka Poprad, a.s., a rolling stock manufacturer. The deal worth SKK 122.4 million increased Vapop’s stake in the company to 91 percent. According to the Securities Register, Vapop bought the shares from i.Deal, s.r.o. and G.A.B. oil., s.r.o. that currently own no shares in Tatravagonka.

ELV Produkt Earns Profit of SKK 7.1 Million in 2002

ELV Produkt, a.s., Senec, the largest producer of prestressed concrete and steel poles in Slovakia and the Czech Republic, reached a profit of SKK 7.1 million last year. This represents an improvement by over 56 percent when compared with the previous year. The operating profit rose by over SKK 3.7 million to almost SKK 15.4 million, but financial operations brought the company losses of SKK 5.2 million, the company announced on Thursday.

Chamber of Pharmacists Fights against Illegal Pharmacy Chains

The Slovak Chamber of Pharmacists (SLeK) has been fighting against illegal pharmacy chains. Slovak legislation permits only pharmacists to open and run a pharmacy. However, it happens that some businessmen, with help of stooges succeed to circumvent the chamber and run a pharmacy, SLeK President Peter Mihalik told journalists on Thursday. He mentioned the case of businessman and honorary consul of Burkina Faso Erik K. The police investigation has showed that he set up a group of people, whom he used to set up and run an illegal chain of pharmacies.

Insurers‘ Debt to Pharmacies Exceeds SKK 6 Bln.

The aggregate debt of health-care insurance companies to pharmacies for drugs and medical aids has already exceeded SKK 6 billion. Though payments to pharmacies have to be settled within 30 days, health-care insurers many times exceed the law-set period, even by 180 days in some cases, Slovak Chamber of Pharmacists‘ (SleK) Katarina Hruskovicova said at a press conference on Thursday.

Machinery Dubnica Plans to Decrease Share Capital by SKK 15 Mln.

Rubber processing equipment producer Machinery, a.s., Dubnica nad Vahom plans to decrease its share capital by SKK 15 million to SKK 456.616 million. The company decided to decrease capital because it failed to settle the whole issue price of shares that replaced employees’ shares. The capital will be decreased by withdrawal of 6,000 bearer shares in a book-entry form at a par value of SKK 2,500 from circulation. Shareholders of the company should decide on the capital decrease at their extraordinary general meeting due to be held on September 11.

Veselka to Take Post of ZSR Director General on Friday

On Friday, August 1, Roman Veselka will take post of general director in the national railway network operator Zeleznice Slovenskej Republiky (ZSR). The ZSR board of directors has selected him to the post and Transport Minister Pavol Prokopovic accepted the choice. Mr. Veselka is expected to decide about the future post of former ZSR director general Ladislav Saxa, who resigned on June 10, stating health reasons. Mr. Saxa, President of the Association of Employers in Transport, Postal Services and Telecommunications and a member of the Social Partnership Council, would like to work in the company also in the future.

OTP Banka Slovensko Reports H1 Profit of SKK 22 Mln.

OTP Banka Slovensko earned a profit of SKK 22 million over the first half of this year. It ended the same period of the last year almost SKKK 68 million in the red. Net interest revenues of the bank reached SKK 356.4 million and net revenues from fees and commissions SKK 69.6 million. General operating costs of the bank stood at SKK 369.5 million, according to midyear data disclosed by the bank.

MONEY MARKET: Banks Meet Reserve Requirement in July without Problems

Commercial banks met the minimum reserve requirement without any problems in July. They deposited SKK 18.247 billion in their reserve accounts in the central bank, meeting the requirement on a cumulative basis at 100.11 percent. “The central bank set the average daily volume of reserves for August at SKK 21.398 billion,” Tatra Banka dealer Michal Stano informed SITA. He assumes that liquidity in the banking sector could balance in the first August days, following outflow of taxes to the state budget and the central bank’s sterilization repo tender due to be held next week.

Foreign Trade Deficit in Agricultural Sector SKK 8.2 Bln. over H1

Foreign trade deficit of the Slovak Republic in farm and food commodities reached SKK 8.2 billion during the first half of 2003. In comparison with the same period of the previous year the deficit shrank by SKK 1.2 billion. Despite this improvement, farm and food industry’s portion on the whole foreign trade deficit of Slovakia makes up 85 percent, said Dagmar Hlavata from the Economy Ministry on Thursday.

STOCK MARKET: Firming VUB Pushed SAX Index to 163.97 Points

On the final day of July, the official share index SAX hit its July high of 163.97 points. It returned to this level after more than three months when it posted a similar level in late April for the last time. On Thursday, the SAX index gained 0.84 percent or 1.37 points thanks to firming VUB shares. Turnover on the Bratislava Stock Exchange (BCPB) soared from over SKK 255 million on Wednesday to almost SKK 100.848 billion on Thursday. Shares were traded at over SKK 21 million.

FOREX MARKET: June Foreign Trade Figures Firmed SKK for a While

The Slovakia’s June foreign trade surplus firmed moderately the Slovak crown on Thursday morning. However, later during the day it bounced back. The exchange rate of the crown and the euro decreased from the opening 41.850/900 SKK/EUR by only 6 hallers to 41.790/840 SKK/EUR after the Slovak Statistics Office released the June trade figures. Tatra Banka dealer Bibiana Valachova sees behind the small appreciation of the crown the trade figures exceeding the market’s expectations only moderately. “But about the level of 41.800 SKK/EUR, purchases of foreign exchange dominated on the market and the crown bounced back to 41.850/900 SKK/EUR,” she said. Weakening of the Czech currency resulting from the cut of key interest rates by the Czech central bank might be behind a moderate weakening of the Slovak currency too.

Regional Power Distributor SSE with H1 Profit of SKK 855.9 Mln.

Regional power distribution company Stredoslovenska Energetika, a.s. (SSE), Zilina closed the first half of this year with a profit of SKK 855.9 million, compare with SKK 433.9 million it showed for the same period of the last year. Six-month revenues of the company totaled SKK 9.107 billion, which is an increase of 22.9 percent y/y. It supplied 3,341 GWh of electricity over the monitored period. Revenues from the sale of electricity amounted to SKK 8.898 billion, The firm employed 2,442 people on average in the first half of 2003, SSE spokesman Pavel Muller informed SITA.


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18. 9. 2020

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