CTK reported that engineering group Vitkovice Holding, which comprises over 40 firms, almost doubled its profit to CZK 119.4 million in 2009 from CZK 55.4 million in 2008. Sales fell by 25% YoY to CZK 55 million.

The rise in profit was mainly affected by revenues from long term financial assets of the group's subsidiaries.

Mr Eva Kijonkova spokeswoman of Vitkovice Holding said that "The fall in sales is not a telling indicator given the nature of the holding."

This is the first time the group, which does not have publicly traded shares, made results public.

Vitkovice Holding with a share capital of CZK 252 million is an umbrella for the engineering group Vitkovice Machinery Group, which comprises firms whose annual turnover is at least CZK 20 billion.

(Sourced from Czech News Agency)