19 February 1998: The Czech Republic“s Chodoglav, a producer of cast rolled sheet glass as well as a subsidiary of Glavunion Teplice, has cut its share capital to Kc 87.97 million, a decrease of Kc 2…
19 February 1998: The Czech Republic“s Chodoglav, a producer of cast rolled sheet glass as well as a subsidiary of Glavunion Teplice, has cut its share capital to Kc 87.97 million, a decrease of Kc 22 million, said the company. The decrease in share capital was made in order to cover losses from 1994 and 1995, said the company, while last year that company ended financial difficulties, recording a profit of Kc 5 million. Revenues were up 105% to Kc 81 million, which was mainly due to sales in Asia, Lebanon and Brazil. The company said that 88% of production was exported last year. In 1997, the company produced 120,000 square metres of Chodopak sheet glass, with a maximum production capacity of 140,000 square metres. Chodopak glass accounts for 72% of the company“s sales, while the remainder consists of matt glass for ovens and doors. Chodoglav has been involved in a programme of modernising its production facilities, and the company invested over Kc 13 million of its own resources into this programme last year. About two years ago, Chodoglav said it cut its production of Chodopak in half due to low demand, while also reducing its workforce. However, once the company found new markets in September 1996, it was able to proceed with its development, and the number of employees rose to over 100.