Textile producer Hedva ended the first nine months of the year with a Kc7m ($171,772) gross profit, having pulled out of last year's loss of Kc5m ($122,695), and posted sales of over Kc549m ($13.5m), up year on year by Kc1.7m ($417,157), largely due to restructuring, CFO Jan Khom told CTK.

Hedva this week convened an extraordinary general meeting, which had on its agenda an approval of an alteration to the articles of association following the cancellation of public trading of shares in June.

Exports made up 54 per cent of total sales, of this a half was direct exports, mainly through the company Silex Praha.

The firm transferred production of lining and cotton fabrics from Policka to Moravska Trebova and slashed the workforce by 234 to 1,002 people. Labour productivity per employee calculated from value added jumped year on year 22 per cent to Kc227,900 ($5,592) and is still growing.

Investment this year amounted to Kc49.6m ($1.2m).

Representatives of Hedva said the cancellation of public trading was essential for the stabilisation of the company's ownership structure. The company has adopted the German model of management.

Hedva's principal shareholder is Velveta (37.3 per cent).