Vertex Litomysl, the sole Czech producer of glass fibres and fabrics, in the first nine months of the year increased its gross earnings by 5% to Kcs 292 million and its revenues grew 11% to reach Kcs …
Vertex Litomysl, the sole Czech producer of glass fibres and fabrics, in the first nine months of the year increased its gross earnings by 5% to Kcs 292 million and its revenues grew 11% to reach Kcs 2.57 billion, the company reported. January-June gross profits totalled Kcs 159 million, Kcs 19 million lower than the year before, and first-quarter gross profit amounted to Kcs 4 million, a drop of Kcs 73 million from last year. At the end of September, operating profits grew by Kcs 21 million to Kcs 427 million. Value added rose 12% to Kcs 1.1 billion. Personnel costs showed a 19% rise to Kcs 375 million. Vertex“s total assets through September grew by more than Kcs 1 billion to Kcs 5.85 billion due to a hike in share capital which was agreed by the April extraordinary general meeting of the company and which produced Kcs 990 million for Vertex. Bank loans were down 38% to Kcs 1.16 billion. Full-year profits and revenues are expected to surpass significantly last year“s respective levels of Kcs 122 million and Kcs 2.84 billion, according to an earlier statement by Vertex CEO Jiri Zagora. Almost 90%of the company“s output goes abroad. The workforce is 1,400 and share capital reaches Kcs 2.05 billion. Vertex is part of the French concern Saint-Gobain which owns over 99% of the company through the German firm Vetrotex.