Glaverbel Czech increases first-half profit

The glass producer Glaverbel Czech increased its first-half pre-tax profit to Kcs 413.5 million, a yr/yr increase of 47.2%, according to the company“s CEO Alena Janotkova.
Glaverbel saw its first-h…

The glass producer Glaverbel Czech increased its first-half pre-tax profit to Kcs 413.5 million, a yr/yr increase of 47.2%, according to the company“s CEO Alena Janotkova. Glaverbel saw its first-half sales rise by 15.5 % yr/yr to Kcs 3.709 billion according to Janotkova, who added that the first-half profit was higher than the figure for all of 1999. The share of exports in overall sales for the first seven months of this year rose 2.3% to 69.8%. The approval of state investment incentives for Glaverbel, which allowed construction of new production facilities worth US$ 54 million, was a key event for the firm in the first half of the year, said Janotkova. The new plant will result in the creation of 83 new jobs in the Teplice and Louny areas. Shareholders at Glaverbel“s June annual general meeting decided not to pay dividends on the firm“s net profit of Kcs 301 million last year, and will instead invest the retained profit in the company“s development. The Glaverbel group is composed of the parent company Glaverbel Czech, auto glass producer Splintex Czech, construction glass producer Glaverbel Glavostav and 19 other companies with headquarters in the Czech Republic, Slovakia and Poland. The Group“s consolidated sales for the first half of 2000 increased 15 % yr/yr to Kcs 5.841 billion.