Twelve companies clustered in the Slovak Pulp and Paper Industry Association (ZCPP) have reported total sales of SKK 12.407 billion for the first half of this year, up 5.4 percent y/y. Exports grew 4.2 percent y/y, making up 79 percent of total sales. „The H1 gross profit of ZCPP reached mere 56 percent of the level for the same period of 2002,“ said ZCPP secretary general Juraj Dlhopolcek. He ascribed the profit decrease to persisting recession on the pulp and paper market. ZCPP companies grossed SKK 2.423 billion in the first half of 2002.

Spa Rajecke Teplice Earned H1 Profit of SKK 16.2 Mln.

According to the data released by spa Slovenske Liecebne Kupele Rajecke Teplice (SLK), the company earned profit of SKK 16.2 million over H1 2003, down SKK 908,000 y/y. Operating profit at SKK 23.5 million was offset negatively by loss from financial operations amounting to SKK 7.4 million.

Nearly 1,000 Trade Unionists Gather to Persuade Cabinet to Negotiate

Nearly one thousand trade unionists gathered on Wednesday morning in front of the headquarters of Trade Unions Confederation (KOZ) in Bratislava to march later during the day before the Cabinet Office building.

NBS Discusses Revisions to Banking Act and Law on Payment System

The draft of the revision to the Banking Act, discussed by the bank board of the National Bank of Slovakia

(NBS) on Wednesday, takes into consideration the World Bank’s suggestions related to the prepared installments of the Enterprise and Financial Sector Adjustment Loan Project (EFSAL) loan. The bank board has also agreed with the revision to the law on the payment and settlement system, NBS spokesman Ivan Paska told SITA news agency. If approved by parliament, the revisions should take effect from January 1, 2004.

Cabinet Approves Transformation of Slovak Road Administration

At its regular session on Wednesday, the cabinet approved the project to transform the Slovak Road Administration (SSC). In the first stage of the project, to be effective January 1, 2004, the assets administered by SSC and nearly all branches of SSC that administer and maintain roads will be separated from the company and roads of 2nd and 3rd class will be transferred to the administration of the regional governments. In the second stage of the transformation, in late 2005 or early 2006, a highway company will be established, and only motorways of 1st class will remain under the administration of SSC.

Initial Effects of Power Market Liberalization to be Negative for SE

In its first years, the liberalization of the electricity market will have a negative impact on the electricity prices of dominant power producer Slovenske Elektrarne (SE). „The current legislation and regulations enable SE customers [regional power distributors – editor’s note] to optimize their electricity purchases with the use of cheap power from abroad, complemented by regulated segments from our sources,“ SE spokeswoman Jana Kaplanova told SITA news agency. This enables local distributors to benefit at the expense of SE, she added.

Car Show Autosalon Nitra 2003 Opens on September 18

BRATISLAVA, September 3, (SITA) – Annual car show, „Autosalon Nitra,“ opens on September 18 for the 11th time in this city in south-western Slovakia. This year, 275 companies will present their cars on a total area of 22,000 square meters. According to the Autosalon director general, Frantisek Durkovic, the 171,000 visitors at last year’s show are evidence that this is the most prestigious event of its kind in Slovakia.

Automotive Industry One of the Most Dynamic Industries in Slovakia

Automotive industry is one of the most dynamically developing sectors of the national economy in Slovakia. This industry has completely substituted the production loss caused by the conversion of arms industry, stated the president of the Automotive Industry Association (ZAP) Jozef Uhrik at a press conference on Wednesday.

Pulp and Paper Mill SHP Harmanec Plans No Major Investments

SHP Harmanec does not plan any significant investments this year in comparison with those carried out in recent years. As SHP general director Ivan Fabry informed SITA, future investments will flow into the construction of a wastewater purifier and enlargement of warehouses for finished products.

Ikea Bratislava with Turnover of SKK 947 Mln. in Fiscal Year 2003

Furniture retailer Ikea Bratislava s.r.o. reported a turnover of SKK 974 million in the fiscal year 2003 (from September 1, 2002 to August 31, 2003), which is an y/y increase of more than 16 percent. The company’s retail center in Bratislava was visited by almost 1.5 million visitors, out of whom 735.5 thousand were customers. „The restaurant also reported a significant increase of customers,“ stated director of the retail center Vladimir Durcat at press conference on Wednesday. He added that the turnover of the restaurant was SKK 70.5 million, almost 30 percent higher y/y and the number of customers grew by 24 percent to 647,000. Sales per customer raised by 11.3 percent y/y to SKK 1,324.

Bank Sector Reports Liquidity Gap of SKK 3.2 Bln. on Wednesday

Interbank trading on Wednesday left the market in a liquidity deficit of SKK 3.2 billion. VUB dealer Erich Papai said that on Wednesday, commercial banks kept SKK 18.833 billion in their reserve accounts in the NBS, meeting the minimum reserve requirement, on a cumulative basis, at 89.18 percent.

Dairy Levicke Mliekarne Returns to Black Digits after Six Months

Dairy Levicke Mliekarne, a.s. closed H1 2003 with a profit of SKK 5.2 million. Its operating profit stood at SKK 7.7 million while losses from financial operations represented SKK 2.4 million. Sales over the first six months totaled SKK 313.8 million on costs at SKK 308.6 million, informed the company.

During VSZ Mandatory Buyout Bid 14,360 Trades Realized

BRATISLAVA, September 3, (SITA) – Until Wednesday, September 3, shareholders of the former steelmaker VSZ, a.s., Kosice sold 3,226,978 shares of the company in 14,360 trades within the mandatory buyout bid. Of these, 14,072 trades were realized via Postova Banka, a.s., which is 98 percent of all trades, VSZ spokesman told news agency SITA.

STOCK MARKET: VUB Shares Weakened SAX Index to 173.88 Points

BRATISLAVA, September 3, (SITA) – The official share index SAX weakened on Wednesday to 173.88 points, mainly due to fall of shares of VUB bank. The SAX fell by 0.36 percent or by 0.63 points. The turnover on the Bratislava Stock Exchange (BCPB) sharply decreased from SKK 3.267 billion to SKK 673.7 million, of which SKK 24.8 million were share trades.

Leoni Autokabel Slowakia Starts Building a New Production Plant

A new plant of car cable maker Leoni Autokabel Slovakia, which will be built within three years in the industrial zone in western Slovakia in the town of Ilava, already has a 100-percent sales of production guaranteed. Total volume of investments into the plant will reach SKK 1.075 billion. The company expects that in connection with the investment, approximately 1,500 jobs will be created. Representatives of the company informed journalists after the official beginning of the construction of the plant on Wednesday, that export be destined primarily to German carmaker BMW.

FOREX MARKET: Slovak Crown Approached 41.900 SKK/EUR on Wednesday

Wednesday’s trading on the foreign exchange market was very quiet. According to CSOB dealer Richard Brza, during the day the Slovak crown approached the level of 41.900 SKK/EUR and later returned to its initial level at 41.920/41.940 SKK/EUR.