Saint-Gobain Vertex to pay dividend

Saint-Gobain Vertex Litomysl, the only Czech producer of glass fibres and fabrics, will pay a dividend of CZK 303 per share from last year“s record net profit of CZK 664 million, the general meeting …

Saint-Gobain Vertex Litomysl, the only Czech producer of glass fibres and fabrics, will pay a dividend of CZK 303 per share from last year“s record net profit of CZK 664 million, the general meeting of the company decided at the beginning of June. Overall, CZK 620 million will be paid out in dividends. Just over 99% of the company is owned by French concern Saint-Gobain. The company paid out dividends also from the 1999 and 2000“s profits, namely CZK 90 and CZK 218 per share, respectively. The rest of the 2001 profit will go to the reserve and social funds. The strong Czech crown deprived the company of CZK 200 million in profit and CZK 250 million in sales. Sales fell 5% to CZK 4.78 billion. The company exported over 90% of output in 2001, mainly to western Europe and especially Germany. Workforce is 1,300. Average monthly wage grew over 10% in 2001 to more than CZK 24,000. Saint-Gobain Vertex has a share capital of CZK 2.05 billion. Its shares are not traded in public.