CZECH REPUBLIC: Tylex Reports Kc59m Loss
Tylex, the men's and boy's clothing manufacturer recorded a loss worth Kc59m on a turnover of Kc372m last year, as compared with a profit of Kc15m in 1998, according to the CTK news agency's Business News.Last year's loss was mainly due to provisioning worth Kc47m and restructuring costs, but also due to the ending of bulk textile supplies to Germany.Tylex is currently organising its own foreign trade activities, following the collapse of the Centrotex textiles exporter last year. The company was profitable for the first eight months of this year, and expects to record a full-year turnover similar to that achieved in 1999.Tylex employs 570 people, 140 fewer than at the end of last year. Its largest single shareholder with a 43.33 per cent stake is the Ceskoslovenska obchodni bank.
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