Bell Atlantic makes Czech bid
Bell Atlantic Corp. said yesterday that it and France Telecom have incorporated a new joint venture company named Telfar, which has submitted a bid for a 27 percent share of SPT Telecom, a telecommunications operator serving the Czech Republic. The value of the stake has been estimated at $500 million to $1 billion, of which Bell Atlantic would own a 55 percent stake.
If successful, the Czech venture would join several other overseas investments by the Philadelphia-based telephone company, including ownership stakes in a Mexican cellular carrier and New Zealand's national phone service provider.
Salomon Inc. loss widens
Salomon Inc., for the second time in a month, said yesterday that it uncovered charges from accounting blunders that increased the 1994 loss at its Salomon Bros. Inc. unit to almost $1 billion before taxes.
The extra $35 million charge increased Salomon Inc.'s full-year loss by almost 10 percent, to $399 million, or $4.31 a share, from a loss it reported earlier this month of $364 million, or $3.98 a share.
Existing store sales flat for Giant
Giant Food Inc. said yesterday that sales for the 16-week period that ended Feb. 25 rose by 3.9 percent, to $1.2 billion, and that sales in stores open for at least a year increased by 0.9 percent. The results, similar to those in previous recent quarters, show that Giant continues to build its slow growth from new stores, not substantially increased sales in existing locations.
For the fiscal year, the Landover-based company had $3.69 billion in sales, a 3.6 percent increase. Giant will announce profits for the year and for the latest quarter next month.
Southwest lowers air fares
Southwest Airlines yesterday announced $29 one-way fares between Baltimore-Washington International Airport and Louisville and $39 one-way fares from Baltimore to Chicago-Midway, Birmingham, Ala., and St. Louis.
The move by the Dallas-based carrier comes as USAir recently lowered its fares and increased service in the Birmingham and Louisville markets from BWI. The fares are available with a seven-day advance purchase for travel through May 23. Seats are limited, and tickets are not refundable.
Micros Systems revenues up
Micros Systems Inc., a Beltsville maker of computer systems for hotels and fast-food restaurants, said yesterday that it expected revenue for February to exceed $8 million, compared with $6.2 million in sales a year earlier.