24 June 1999: Slovakian glass producer Slovglass, a.s. Poltar, reported a pre-tax profit of Kcs 23.1 million for the first quarter of 1999, which is 2.8-times more than for the same period of 1998. Th…
24 June 1999: Slovakian glass producer Slovglass, a.s. Poltar, reported a pre-tax profit of Kcs 23.1 million for the first quarter of 1999, which is 2.8-times more than for the same period of 1998. The significant growth in profit can be attributed to an 18% increase in sales to Kcs 159.1 million. “We also managed to reduce the volume of stock supplies,” said Irena Spodniakova, the company“s economic director. From January to March, Slovglass placed Kcs 130.2 million worth of goods abroad. Its exports jumped 17% year-on-year, mainly because of a widened customer portfolio. The United States, Canada, Germany, Spain, France, Italy, and Great Britain comprised the majority of the destinations for the company“s exports. Slovglass also said it intends to export its products to Saudi Arabia and the Russian Federation. Slovglass“ claims accounted for Kcs 133.6 million, and its commercial obligations were at Kcs 71.5 million, while loans were at Kcs 186.4 million. Spodniakova said that the volume of loans went down Kcs 25 million year on year, and that the company reported a downward trend in the long-term. The company also follows its obligations towards the FNM (national privatization agency). In the purchase-sales contract, the FNM obliged Slovglass to invest Kcs 121 million by 2000, which the company did already in 1998. In addition to this, the company is to repay Kcs 65 million by 2004. The company produces sodium-potash and lead glass ware. This year, Slovglass expects a 10% increase in output and a 90% share of exports in sales. The company employs 1,440 people.