Central Group profits drop 17% in 2017

The residential Central Group reports that its profits fell 17 percent CZK 934m in 2017. At the same time, earnings from sales and investment fell by 3 percent to CZK 5.3bn. It blamed the fall on the completion of 700 flats in Prague 3's Žižkov district and drove its 2016 profits far above average. "Last year was one of record acquisitions," said Central Group's boss Dušan Kunovský. "We invested CZK 2.5bn and managed to secure very promising Prague locations from a residential point of view." The company is currently working on almost 900 flats in 11 locations around Prague. Among the properties it bought last year was the Cetin headquarters (acquired from PPF) and the Tesla Hloubětin zone n Prague 9. Kunovský says Central Group was the market leader in Prague in 2017, selling 1012 flats, homes and plots and controlling 20 percent of the market.