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Economic News SUMMARY, November 3

06.11.2006, 05:24
Autor:
SITASITA

Economic news released by SITA on Friday, November 3

Taxed Profit of Farm Company Agronovaz Shrank SKK 2.4 Mln. in 2005
Agricultural company Agronovaz, a.s., Nove Mesto nad Vahom, closed the year of 2005 with a taxed profit of SKK 2.4 million, down SKK 1.3 million y/y. Total sales of the company amounted to SKK 354.7 million, of which sales of its products and services made up SKK 263.2 million. Compared to 2004 sales of its products and services decreased by 28.5 percent. Output shrank by 28.3 percent to SKK 264.7 million over the year when production costs decreased by 29.3 percent to SKK 234.5 million. Added value was SKK 32.3 million.

Travel Agency Aeolus Almost Doubled its Sales in 2005
Nitra-based travel agency Aeolus, s.r.o., significantly boosted its sales in 2005. The sales of its products and services exceeded SKK 560 million, up 90 percent when compared to 2004. Production costs rose 88 percent to SKK 543.8 million. Added value of Aeolus was SKK 16.4 million, 2.8-times more than in 2004.

Economy Minister Jahnatek is Visiting South Korea
Slovak Economy Minister Lubomir Jahnatek discussed with the chief executive officer of Hyundai/Kia Mong-Koo Chung opportunities for expansion of the car assembly plant of Kia Motor near Zilina in Slovakia. Mr. Jahnatek visited the headquarters of the concern Hyundai/Kia in South Korea on Thursday. The minister and the concern's representative also touched upon a question of an increase in production capacities of the Slovak car assembly plant in context of financial possibilities of the Slovakia's state budget and respect to rules and limits of the European Union. Spokesperson of the Slovak minister Branislav Zvara informed SITA.

ZBK Bank Cards Holders Made Transactions for SKK 209 Bln. in Q1-Q3
The frequency of payment cards use by bank clients in Slovakia is growing. The total volume of transactions Slovak clients carried out through payments cards in Slovakia reached SKK 208.572 billion during the first nine months into 2006. Compared with the previous year's period this means an increase of 18 percent. Transactions made by debit cards traditionally accounted for the better portion of the transactions. Figures revealed by the Bank Card Association (ZBK) further show that the volume of transactions made by Slovak and foreign cards on ATMs in Slovakia amounted to SKK 175.991 billion during the January-September period. This is a 13.5 percent growth y/y.

Slovakia's Jobless Rate at 12.8 Pct. in September, Reports Eurostat
A survey by Eurostat, the European Union's Statistical Office, shows the seasonally adjusted unemployment rate in Slovakia at 12.8 percent in September, down 0.2 percentage points from August. However, Slovakia still reports the second highest jobless rate among EU countries. Only Poland had worse results with a 14.1-percent unemployment rate. The jobless rate in the remaining EU countries moved below 9 percent in September. According to data from the Slovak Republic's Labor Office, which uses a different methodology than Eurostat, the registered unemployment rate in Slovakia was 9.75 percent in September, down 0.1 percentage points from August.

HSBC Bank in Slovakia Shows Q1-Q3 Pretax Profit of SKK 6.3 Mln.
The Slovak arm of HSBC Bank plc. in Bratislava reported a pretax profit of SKK 6.3 million over the first nine months of this year. Net interest income in the monitored period was SKK 21.3 million, while net income from fees and commissions reached SKK 10.4 million. The balance-sheet total of the bank stood at SKK 11.149 billion. Claims toward clients achieved SKK 3.136 billion and claims toward banks were at SKK 7.958 billion. The bank registered obligations toward clients at SKK 6.589 billion at the end of September, while obligations toward banks equaled SKK 4.505 billion.

Construction Firm Cesty Nitra with Q1-Q3 Revenues of SKK 1.369 Bln.
Construction company Cesty Nitra, a.s. reported total revenues of SKK 1.369 billion in nine months of this year, which is up 11.4 percent y/y. Total costs grew 11.6 percent y/y to nearly SKK 1.289 billion. Company's finance director Viera Majerova further informed that sales of own products and services achieved SKK 1.248 billion, which is up 10 percent y/y. Production costs reached nearly SKK 1.037 billion, up nearly 15 percent y/y. Added value dropped by SKK 8.3 million y/y to SKK 270.9 million.

Slovak Branch of Banco Mais Reports Q1-Q3 Loss of SKK 12.8 Mln.
The Slovak branch of Portuguese bank Banco Mais, S.A. closed the first nine months of this year SKK 12.8 million in the red. The Portuguese bank started its operations on the Slovak market in September of last year. The Q1-Q3 net interest income amounted to SKK 4.5 million; however, the company reported negative net not-interest income at SKK 1.1 million. General operating costs of the bank reached SKK 12.6 million. The balance sheet-total stood at SKK 72.3 million at the end of September. Claims against clients accounted for SKK 66.6 million, according to data disclosed by the bank.

First Real Estate Investment Trusts Established in Slovakia
Six months after the creation of the necessary legislative conditions the first real estate investment trust starts operation in Slovakia. Investicna a Dochodkova Spravcovska Spolocnost announced its establishment on Friday. Local asset management companies should soon offer more real estate investment trusts. Executive director of the Slovak Association of Asset Management Companies Lubor Kysely said that also other three asset management companies have asked the central bank for a license. The legislation enables to establish the so-called special real estate investment funds since this May.

Slovak Branch of Calyon Earned Q1-Q3 Pretax Profit of SKK 34.5 Mln.
The Slovak branch of Calyon S.A. reported a pretax profit of SKK 34.5 million in the first nine months of this year, while its taxed profit was SKK 25.6 million. The Q1-Q3 net interest income amounted to SKK 90 million and net income from fees and commissions was SKK 9.2 million. Net income from trading in securities, derivatives, and foreign exchange was SKK 23.6 million, according to data disclosed by the bank.

Ministry Drafts Revision to Law on Electronic Communications
The Transport Ministry is drafting an amendment to the law on electronic communications. The draft revision suggests that companies, which provide communication services, should preserve and archive the data for the purposes of investigation, detecting and prosecuting of deliberate criminal offenses. Operating and localization data, as well as data of communicating parties should be preserved either for the period of six months if it is communication through internet or for 24 months in the case of other types of communication.

H1 Cow Milk Production up 1.1 Percent
Slovak farmers produced 557,100 tons of cow milk during the first half of 2006. Compared with H1 2005 this means an increase by 1.1 percent. Slovak milk processing companies purchased a total of 495,600 tons of milk from milk producers over the first half of 2006, down 0.6 percent y/y. Milk processing companies produced 121,400 tons of consumer milk during the January-June period. Compared with the previous year's period this means a drop by 8,800 tons.

Cifi S.A. to Announce Takeover Bid on Hutne Stavby Holding
The Luxembourg-based company Cifi S.A. will announce a mandatory takeover bid on shares of Hutne Stavby Holding, a.s., Kosice. The company is obliged to do so because its share of all voting rights related to shares of the company exceeded 66 percent in mid-October. It owns almost 98 percent of Hutne Stavby Holding's share capital (SKK 255.65 million).

Slovakia's FOREX Reserves up More than USD 200 Mln. This Week
Slovakia's foreign exchange (FOREX) reserves reported a growth of USD 204.1 million over the past week to USD 15.6868 billion as of October 31. Behind the increase was a growth in the reserve assets of the central bank as well as a rise in reserve assets of Slovakia's commercial banks. The National Bank of Slovakia's (NBS) reserves surged USD 125.8 million to USD 13.147 billion, the NBS informed. Commercial banks' reserve assets increased USD 78.3 million w/w to USD 2.5398 billion.

Money Market Closes Week in Minimum Trading Activity
The Slovak money market closed trading in a pre-weekend mood and with a minimum of concluded transactions. Slovenska Sporitelna dealer Pavel Janosik told SITA that commercial banks deposited SKK 29.392 billion in their reserve accounts in the National Bank of Slovakia (NBS) on Friday, meeting the minimum reserve requirement on a cumulative basis at 118.43 percent as of Sunday. The central bank's regular repo tender on Tuesday will be the sole event to enliven money-market trading next week. It will replace the maturing repo contract worth SKK 167.435 billion. Banks might have room to increase the maturing volume to about SKK 175 billion on Tuesday, stated the dealer.

STOCK MARKET: SAX Index Falls almost 12 Points on Friday
The official share index SAX considerably weakened on Friday. Following a balanced week, the SAX fell 2.91 percent or 11.87 points on Friday. Thus, the index again found itself below the 400-point border at 394.55 points. Turnover on the Bratislava Stock Exchange (BCPB) dropped from SKK 1.104 billion on Thursday to SKK 259.19 million on Friday with SKK 2.138 million in share trading.

Banks Approve Mortgages of SKK 15.975 Bln. in Nine Months
Commercial banks that provide mortgages, made 12,500 contracts in nine months of 2006. The volume of approved mortgages was SKK 15.975 billion, an almost 20-percent rise in a y/y comparison. The banks have been receiving permits to perform mortgage transactions since 1997. On a cumulative basis, they approved mortgages of SKK 82.945 billion as of the end of September. From the approved volume for nine months of 2006, clients actually drew SKK 12.054 billion, which is 7 percent more y/y. As of the end of September, clients have drawn total mortgages of SKK 71.321 billion, according to figures of the National Bank of Slovakia (NBS).

Ludova Banka Reports Q1-Q3 Pretax Profit of SKK 244.9 Mln.
Ludova Banka, a.s. closed the nine months of this year with a pretax profit of SKK 244.9 million according to international financial reporting standards, up 28 percent y/y. The balance-sheet total stood at SKK 36 billion at the end of the ninth month. The aggregate volume of loans provided to clients amounted to SKK 21.7 billion.

FOREX MARKET: Crown Appreciated on Friday
The Slovak crown firmed towards the euro at the close of the week. Tatra Banka dealer Boris Somorovsky said that the local currency opened at 36.420/460 SKK/EUR. Later in the day, it considerably firmed after foreign banks started massively buying the Slovak currency. In the afternoon, all central European currencies appreciated towards the euro, Mr. Somorovsky said. Thus, the exchange rate moved to 36.280/320 SKK/EUR and stayed there until the close of the session.

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24. november 2024 13:08