International Property News

AFI Europe, Satpo Development post losses in 2007

15th Sept2008

Developers AFI Europe and Satpo Development ended in a loss last year, with Satpo Development sinking into a Kc2.4m loss after a Kc4m profit in 2006, according the the company's results CTK found in the register of companies.

AFI Europe did manage to wipe out most of 2006's loss of nearly Kc3m but still closed the year in the red, posting a Kc443,000 loss.

Satpo Development last ended in the red in 2005. AFI Europe Czech branch has not shown a profit since 2003.

The companies fared better as regards sales. Satpo Development raised sales by a third to Kc48m and AFI Europe by 38 percent to Kc54m.

"Last year's bottom line was influenced by higher investments into the client service system," Daniela Jedlickova of Satpo Development told CTK.

AFI Europe CR is a member of Israeli real estate group Africa Israeli Investment.

Among the projects it has carried out in the Czech Republic are the Palace Flora, residential complex Korunni dvur and Evropska Business Centre.

Satpo Development is a part of the Satpo group, set up in 1994. It specialises in luxury flats. The company is active also on the Slovak market where it has a branch in Bratislava.

Source: Prague Monitor