Glass producer Glaverbel Czech raised its sales in January-July by 15.5% year-on-year to Kcs 3.709 billion and posted a pre-tax profit of Kcs 413.5 million, up by 47.2% year-on-year, which is even hig…
Glass producer Glaverbel Czech raised its sales in January-July by 15.5% year-on-year to Kcs 3.709 billion and posted a pre-tax profit of Kcs 413.5 million, up by 47.2% year-on-year, which is even higher then pre-tax profit for the full year 1999, according to a recent report. The share of exports in overall sales grew in the first seven months of the year to 69.8%, as against 67.5% in the corresponding period of last year. The report said that the most important event in Jan-July was the approval of state investment incentives for Glaverbel for the construction of new production facilities worth US$ 54 million. As a result, 83 new jobs should be created in the Teplice and Louny district, Janotkova said. Glaverbel“s annual general meeting held in June decided that the company would not pay dividend of last year“s net profit worth Kcs 301 million and would invest the retained profit into the development of the company. In July the company placed a fifth issue of Glaverbel bonds worth Kcs 3 billion with a floating rate of interest and payable in 2008. The Glaverbel group consists of the parent company Glaverbel Czech, car glass producer Splintex Czech, construction glass producer Glaverbel Glavostav and other 19 companies with headquarters in the Czech Republic, the Slovak Republic and Poland. Consolidated sales of the group rose in January-July to Kcs 5.841 billion, up by 15.1% year-on-year.