The Czech Republic’s largest producer of edible oils, Setuza, has posted a 33% increase in its Q1 profits year on year, to reach CZK38.67m (US$1.14m).
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This increase came despite a 19.2% fall in sales, to CZK 1.36bn, and Setuza explained that it was largely driven by cost-cutting measures. The sales drop came because the firm made cuts in loss-making activities, like the export of edible oils.
Meanwhile, the Ceskoslovenska Obchodni Banka bank(CSOB) has asked the state-owned bailout agency, CKA, to declare Setuza bankrupt because of a CZK1.9bn debt claim it inherited against Setuza when it acquired the collapsed Investicni a Postovni Banka (IPB) in June 2000.
