International Property News

Central Group raises gross profit by a fifth to CZK 808m in 2008

22nd June 2009

Czech developer Central Group raised audited before tax profit by around 20 percent to Kc808m in 2008, the firm said in a press release Monday.

Gross profit of its subsidiaries, which belong to the group Central Group, totals another Kc40m, the firm said.

"A proposal to raise share capital from Kc1.9bn to Kc2.5bn will be submitted at the next general meeting," executive director Ales Novotny said.

The firm already raised share capital by Kc190m to Kc1.9bn at the beginning of this year having issued shares for the Swiss investor Global Property Capital. The contract on the entry of the investor was signed in June 2008.

Besides operating loans worth several tens of millions of crowns, the group is allegedly not using any bank loans now.

Central Group, established in 1994, is majority owned by Dusan Kunovsky. The construction of around 1,400 flats in the Prague district of Zlicin is among its largest projects at the moment.

Source: Prague Monitor