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Slovak State Railway Posts Loss on Interest-Rate Swaps, Sme Says

The state-owned Slovak Railway Company lost more than 11 million euros ($14 million) in two years until now on interest-rate swaps, Sme reported, citing internal company documents.

Net present value of the derivative contracts, which the company entered in 2006 and 2007 to hedge against rising interest rates, is a 40 million euro loss, the newspaper said.

To contact the reporter on this story: Radoslav Tomek in Bratislava at rtomek@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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