Czech Property Investments sees profit fall in H1

Prague, Aug 31 (CTK) - Real estate group Czech Property Investments (CPI) of billionaire Radovan Vitek saw net profit fall by 11 percent year-on-year to nearly Kc358m in the first half of 2012, but its income from lease and services almost doubled to Kc1.27bn in the period, CPI has said on its website.

The growth in sales is related to acquisitions made by CPI in the second half of 2011, the company said. This year, CPI rented out a retail park in Beroun, central Bohemia, and completed reconstruction of the Clarion hotel in Ceske Budejovice, southern Bohemia.

CPI also bought 11 supermarkets and other retail real estate in the Czech Republic for Kc850m from company VT Holding. It also acquired a hotel complex in Nice in France which it wants to reconstruct and offer as luxury apartments on the market.

With around 12,700 flats which CPI owns and offers for rent mainly in northern Bohemia and Moravia, the company is the second largest provider of rental housing in the Czech Republic after company RPG Byty of entrepreneur Zdenek Bakala.

CPI's total assets amounted to Kc59bn at end-June, up from Kc57.2bn at the end of last year. The company's investment in real estate increased by almost Kc1bn from end-2011 to end-June 2012.

Apart from flats, the CPI group also owns and manages over 500,000 square metres of retail space, around 230,000 square metres of office space, 14 hotels and 148,800 square metres of space intended for light industry and storage.