According to a report submitted by Tatra board chairman Mr Ronald Adams to the company's general meeting, Czech lorry maker Tatra fell into a loss of CZK 712 million in 2009, mainly due to negative impacts of the economic crisis.

Due to lower demand the firm had to sell vehicles at discount prices. Its sales thus fell by about CZK 140 million to around CZK 3 billion. Tatra also had to cut staff numbers by nearly 1,400 to 2,300 and to pay them severance pays totaling about CZK 100 million.

Mr Adams said that 2009 was the most difficult of the past 50 years. He added that this year, this situation should not repeat, so the company should post better results. It will keep its potential of producing up to 3,000 vehicles annually.

Currently, Tatra subsidiaries are exceeding their plans. At the end of April they posted profits. Despite its problems Tatra sold nearly 1,000 lorries and paid off all loans, including interests in 2009.

According to consolidated results approved, Tatra and its nine subsidiaries posted a loss of CZK 588 million in 2009. Tatra last year successfully completed supplies of Tatra T810 lorries to the Czech military. During two years it supplied a total of 588 lorries.

Tatra in the general meeting re elected Mr William Cabaniss, a former US ambassador to the Czech Republic, Mr Ravinder Kumar Rishi, Mr William Louis Shroeger and Mr Floris Vansin as supervisory board members.

Since 2006, Tatra has been controlled by four Czech and foreign investors represented by Mr Ronald Adams. Their company Black River holds 51% of shares. Another almost 41% are held by Tatra Holdings. Small shareholders have approximately 8%.

(Sourced from Czech News Agency)