J&T Finance Group, active on both the Czech and Slovak markets, saw its profits drop from €85m to just €40m last year, due to losses in investment shares. “Stock market developments had the biggest impact on the year-on-year drop in profits,” J&T marketing head Petr Málek told the economic server e15. The group’s annual report shows the losses stem from investment in Unipetrol and Erste Bank.
Málek insisted J&T’s investment results will be in the black this year and expects 20-percent growth y-o-y. “The biggest contribution to the creation of profit of the J&T group was made by companies that provide long-term strategic, non-banking financing above all to the energy sector and industry, the real estate sector, tourism and services. These companies create profit in the form of net profit margin in the long term,” Málek said.
