4 March 1999: Vertex Litomysl, the sole Czech manufacturer of glass fibres, increased sales last year by 12% year-on-year to Kcs 2.84 billion. Net profit totalled Kcs 122 million, which was 58 million…
4 March 1999: Vertex Litomysl, the sole Czech manufacturer of glass fibres, increased sales last year by 12% year-on-year to Kcs 2.84 billion. Net profit totalled Kcs 122 million, which was 58 million less than in 1997. Gross profit decreased by Kcs 16 million to Kcs 209 million, said Vertex spokesman Pavel Kusy. Originally, Vertex wanted to have gross profit of around Kcs 350 million. According to Kusy, profit was reduced by extraordinary influences from last year“s incorporation of Vertex into the structure of its new majority owner, German Vetrotex. “Without these influences, Vertex would have posted gross profit of more than Kcs 360 million,” said Kusy. One of the main reasons that profit was lower was the transition to Vetrotex“s accounting standards. Another reason, was high compensation for trade representatives after the premature termination of their contracts with Vertex.