Glaverbel Czech reports losses

Losses to Glaverbel Czech, the largest producer of flat glass in Central and Eastern Europe, stemming from the strong Czech crown are estimated at Euro 3.108 million, Glaverbel spokeswoman Alena Janot…

Losses to Glaverbel Czech, the largest producer of flat glass in Central and Eastern Europe, stemming from the strong Czech crown are estimated at Euro 3.108 million, Glaverbel spokeswoman Alena Janotkova reported recently. The firm hopes to eliminate the impact of currency fluctations through forward contracts on foreign markets, she said. Glaverbel Czech exports almost 70% of its output. In the January-September period, exports amounted to Euro 124.3 million from of overall sales of Euro 180.25 million, she said. Glaverbel Czech showed sales of Euro 179.9 million in January-September 2001, up from Euro 154.128 million in the same period in 2000. Although Galverbel covers part of material and investment costs through imports, it is strongly influenced by exchange rate fluctuations, Janotkova said. The firm began to feel the impact of the global economic slowdown back in September, when it failed to reach projected sales levels. Towards the end of December, management and trade union representatives of Galverbel Czech, Glaverbel Glavostav and Splintex Czech met to sign collective agreements for 2002. The Glaverbel Czech Group is made up of Glaverbel Czech, Splintex Czech, Glaverbel Glavostav, and other 19 companies based in the Czech Republic, Slovakia, and Poland.