Vahostav-SK with €1.4 million in profits in first half of 2015

The construction company Vahostav-SK made a profit of around €1.4 million in the first half of this year, with its CEO Marian Moravčik stating that the company would like to increase the figure to €7.5 million by the end of 2015. One of its owners, Juraj Široký has close links to the governing Smer party. Vahostav made headlines earlier this year when it underwent restructuring with a controversial plan to pay off its debts. It had accumulated debts of €136 million but plans to cover only 18% of the sums owed to smaller creditors; the rest is to be covered from the taxpayers' money. "We'll make a profit, and that's something we haven't been used to over the past three years", said Moravčik. The firm's creditors should receive the first larger amount of money owed by the summer of 2016. "The first payment of around €5 million will be issued by June 30, 2016", he said. According to Moravčik, the company is currently stable, internally cleansed, has reduced fixed costs and increased productivity. It's also managed to raise employees' salaries by 10 percent.