Vítek's CPI, operating profit rose by 16 pct to CZK 8.8 billion, sales fell by 7.3 pct

Last year's operating profit EBITDA of the real estate group CPI Property Group, which is controlled by billionaire Radovan Vítek, increased by 15.9 percent year-on-year to EUR 338 million (CZK 8.8 billion). Revenues fell by 7.3 percent to EUR 623 million (CZK 16.3 billion). Net income from business activities stagnated at EUR 344 million (nine billion crowns).

"By diversifying, the group's portfolio was well prepared for the situation of the covid-19 pandemic. The group achieved further portfolio growth and rental income. It was also able to maintain a high level of rent collection and stable valuation of its assets," said CPI Property CEO. Group Martin Němeček.

CPI Property Group is headquartered in Luxembourg and its shares are traded on the Frankfurt Stock Exchange. Own real estate in the Czech Republic, Hungary, Poland, Slovakia, Croatia, Switzerland, France, Romania, Russia and Britain.

Vítek owns 87.8 percent in CPI Property Group. According to Forbes magazine, he is one of the eight Czech dollar billionaires.

Source: CTK and CPIPG