Summary of economic news released by SITA on June 13
Bramac Roof Tile Maker's Taxed Profit Down 9.3 Pct. Last Year
Bramac-Stresne Systemy, s.r.o. based in Ivanka pri Nitre, producing roof tiles, closed last year with a taxed profit of SKK 87.9 million, which is 9.3 percent less than in 2004. The firm made an operating profit of SKK 115.7 million last year, while its loss from financial operations reached SKK 4.2 million. Total sales amounted to SKK 637 million: down 4.3 percent y/y. Of this, revenues from goods sold accounted for SKK 271.8 million and sales of its own products and services were SKK 359.5 million. Production costs fell 4.8 percent y/y to SKK 230.6 million last year. The company generated added value of SKK 229.4 million, which is a 9 percent drop from 2004.
St. Nicolaus Distillery Next to Withdraw Shares from Public Trading
The withdrawal of share issues from the Bratislava Stock Exchange (BCPB) continues with the St. Nicolaus, a.s. distillery in Liptovsky Mikulas the next company to quit public trading. Shareholders decided to withdraw shares from the BCPB floor at their annual general meeting on May 26. The firm is now obliged to announce a mandatory bid to buy its shares from shareholders that did not attend or did not vote for this decision at the annual general meeting, reads information published by St. Nicolaus.
Elektrovod Holding Boosted its Revenues by 71 Pct. Last Year
Energy services company Elektrovod Holding, a.s. Bratislava reported total revenues of SKK 1.59 billion last year, an increase of 71 percent y/y. Board member Ivan Benes informed SITA that the firm's costs amounted to SKK 1.56 billion last year: up 68 percent y/y. Production costs reached SKK 1.27 billion last year, which is SKK 556 million more than in 2004.
Highway Maintenance and Repairs Costs SKK 593.6 Mln. Last Year
Last year's highway maintenance and repair expenditures in Slovakia climbed to SKK 593.6 million, which is a considerable jump from the previous year with spending amounting to SKK 140.35 million. In 2003 highway maintenance and repairs spending reached SKK 107.17 million. This year they are planned at SKK 593.86 million, announced the Transport Ministry.
NBS to Receive Information from Banks on Client Fees from July 1
Banks and foreign bank branches in Slovakia will have a duty to inform the Finance Ministry and the National Bank of Slovakia (NBS) about fees their clients must pay for selected transactions. This obligation stems from the NBS measure on information provided in relation to bank transactions with clients. The NBS Bank Board approved the measure on Tuesday, said the central bank's spokesman Igor Barat.
Rising Paper Prices Decreased Last Year's Profit of Duropack Martin
Packaging producer Duropack Turpak Obaly, a.s, Martin closed last year with SKK 964 million in sales. Of this exports accounted for SKK 69.2 million. The company's director general Jan Ziak informed SITA that sales grew 2.6 percent over the year. The company ascribes the sales increase to product sales of other members in the group.
MONEY MARKET: Liquidity Deficit will Remain after Repo Tender
The interbank market will remain in a liquidity deficit even after the settlement of regular repo tenders in the National Bank of Slovakia (NBS) on Wednesday. Bank bids in the two-week sterilization repo tender on Tuesday totaled SKK 113.395 billion and the central bank accepted them all. OTP Banka dealer Juraj Mitosinka stated that all yields represented 4 percent p.a. On the other hand a maturing SKK 121.018 billion will return to the market on Wednesday.
INVESTING: Equity Funds Posted Significant Losses Last Week
Net sales of open-end mutual funds in Slovakia ended in the black again after a several-week break. The Slovak Asset Management Companies Association (SASS) informed that SKK 63.1 million flowed into the funds managed by SASS members last week. Master funds still attract the biggest interest, into which investors deposited SKK 213.7 million. Equity funds reported SKK 139.3 million net sales and SKK 160 million was directed into the guaranteed and secured fund group. On the other hand bond funds reported fund outflows again, since investors withdrew SKK 263.4 million from them. Money market funds posted an outflow of SKK 228.9 million. Furthermore even mixed funds closed last week with negative net sales at SKK 13.7 million.
INVESTING: DSS Managed SKK 16.2 Bln. in Pension Funds Last Week
The net value of policyholders' assets in licensed pension fund management companies in Slovakia (DSS) represented SKK 16.2 billion as of June 9. The value of assets in pension funds managed by six DSS companies increased by SKK 235.4 million week-on-week. Over SKK 10.54 billion was in growth funds, more than SKK 4.96 billion in balanced funds and SKK 694.4 million in conservative funds as of Friday, June 9.
FOREX MARKET: Crown Briefly Weakens Above 38.100 SKK/EUR
The Slovak crown weakened to above the 38.100 SKK/EUR limit for a short while in trading on Tuesday. Slovenska Sporitelna dealer Vladimir Gajdos stated that the local currency opened at 37.960/37.980 SKK/EUR. All emerging markets had been weakening since the morning, to which the crown also responded but more moderately, said the dealer. The exchange rate reached its weakest point of the day at 38.130 SKK/EUR. However at the close of the day a slight correction came on emerging markets, which moved the crown to 38.070/38.090 SKK/EUR, explained the dealer.
STOCK MARKET: SAX Index Loses 0.75 Pct. to 377.57 Points on Tuesday
The Bratislava Stock Exchange weakened during trading on Tuesday. The official SAX share index lost 0.75 percent or 2.87 points due to weakening shares of pharmaceutical company Biotika, Slovak crude oil refiner Slovnaft and VUB bank and closed trading at 377.57 points. Turnover on the Bratislava Stock Exchange (BCPB) improved from SKK 550.09 million on Monday to SKK 676.977 million on Tuesday with SKK 1.981 million in share trading.
Only One in Five Slovaks would Invest Extra SKK 100,000
If they had an extra SKK 100,000 more than half of Slovaks would decide to spend it with only one fifth considering investing it. This is the finding of a survey conducted by GfK Slovakia market research agency. In the survey 55 percent of respondents said they would decide to spend this sum. One-third of respondents would retain it at their disposal in a bank account and 19 percent would invest it. Only one in ten Slovaks would lend the amount or present it as a gift to relatives or friends. Four percent of those asked would deposit the money in a safe place at home.
Economy Minister Signs Two Investment Contracts on Tuesday
Economy Minister Jirko Malcharek signed on Tuesday two investment agreements already green lighted by the cabinet. US firm Johnson Controls Company and Swedish firm SCA Hygiene Holding together plan to invest about SKK 2.45 billion in Slovakia.