Slovnaft announced earnings results for the fourth quarter and full year of 2014. For the quarter, the company reported net loss of €62 million year on year to €70 million as plummeting oil prices during the period weighed on the Slovakia-based oil refiner and petrochemicals producer.

Full-year, net loss stood at €71 million compared to €35 million profit in 2013. Extreme price decline was negatively reflected on revaluation of inventories in every refinery and traders and in the case of company resulted in a negative effect of €91 million. Revenues fell 15% to €4.01 billion compared to 2013. Overall capital expenditure for the year reaching €242 million.