The north Bohemian glass producer Zeleznobrodske sklo (ZBS) finished 1999 with profits of Kcs 19.85 million on sales of Kcs 417.67 million, according to company director Jaroslav Silhan.
Profits wer…
The north Bohemian glass producer Zeleznobrodske sklo (ZBS) finished 1999 with profits of Kcs 19.85 million on sales of Kcs 417.67 million, according to company director Jaroslav Silhan. Profits were up 60% year-on-year and sales were up Kcs 379.319 million over 1998, he added. ZBS hopes to generate sales of Kcs 417.8 million this year and the first-quarter result of Kcs 125.736 million indicates that year-end results will be better than expected, Silhan said. ZBS“s primary product is glass pearls for costume jewellery, which accounts for 85% of the company“s production. Some 95% of production is exported. The National Property Fund (FNM) controls 89.36% of the company. ZBS“s privatization was halted several years ago, something which has had a negative impact on the company“s long-term business plans. Investments in ZBS, mainly in modernization and new technology, which are funded from the company“s own sources, stood at Kcs 10 million last year and are expected to double in 2000. The company is free of any long-term bank loans. In February of this year the government decided to sell its majority stake in ZBS and asked finance minister Pavel Mertlik to present the Cabinet with results of a tender by September 30. Criteria for the tender include the purchase price, which cannot be below Kcs 240 million, and the business plan. ZBS“s share capital stands at Kcs 236.434 million. The company employs 1,183 people.