Saint-Gobain Vertex Litomysl, a Czech producer of glass fiber fabrics, saw its profit fall 40% to CZK 400 million in 2005 while sales were 11% lower at CZK 4.9 billion, according to the company“s ann…
Saint-Gobain Vertex Litomysl, a Czech producer of glass fiber fabrics, saw its profit fall 40% to CZK 400 million in 2005 while sales were 11% lower at CZK 4.9 billion, according to the company“s annual report. Plans for 2005 have not been fulfilled due to the strong crown, lower-than-expected sales and falling prices because of competition from Chinese companies, management said. Exports made up 76% of sales. The group includes units Vertex Fabrics and Vertex Glass Mat. Their sales totalled CZK 1.52 billion in 2005 and their profit was CZK 227 million. Investment reached CZK 726 million, up from 2004“s CZK 440 million. The group employed some 1,270 staff in the Czech Republic. Saint-Gobain squeezed out minority shareholders in 2005 by offering them CZK 5,021 per share. Separately, Russia“s Saint-Gobain Vertex Fiberglass JSC (the Vladimir region, Gus-Khrustalny) reported net profit for the 3Q 2006 of RUR 23.2 million, up RUR 16.07 million on the figure for the 2Q 2006 of RUR 7.13 million.