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May 31, 2018 12:00 am | FILED UNDER: business

Profits Rise For Daniel Křetínský’s Czech News Center

By ČTK Daniel Kretinsky owner of czech news center

Prague, May 31 (CTK) – Czech News Center (CNC), the publisher of tabloid daily newspaper Blesk or weekly Reflex, saw its 2017 profit grow by Kc108m to Kc127m on revenues of Kc1.948bn, up by 3.5 percent annually, CNC said in its annual report.

 

Growing online advertising income and a cut in the VAT rate on printed media from 15 to 10 percent affected positively the company’s performance.

 

The company was paid Kc200m in dividends from stakes in Czech Print Center and Prvni novinova spolecnost (PNS) companies.

 

CN Invest, a sister company which took over printed media of Mlada fronta publisher in 2016, cut its loss to Kc64m in 2017, Mediaguru server has reported. Revenues doubled to Kc341.5m.

 

Czech News Center has recently become a successor to CN Invest and Affectio, a company operating Mimibazar.cz, with the companies’ assets and rights transferred to CNC.

 

Czech News Center is the largest media company on the Czech market, with more than 3.7 million readers and over 7 million Internet users.

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