Daewoo Avia: a profit but generated by the sale of a housing estate
Article Abstract:
Daewoo Avia (DA) (Prague, Czech Republic), automotive company, plans to sell 2,300 vehicles in 2001 compared to 1,960 in 2000. It should sell about 1,200 vehicles in the Czech Republic in 2001. The firm expects a lower loss in 2001 compared to the originally planned CEK 160 mil. DA increased its profit by CEK 90 mil for 1Q 2001 compared to 1Q 2000. The result was supported by the sale of a housing estate with 2,000 flats in Prague-Letnany for CEK 550 mil to CPI in Jan 2001. The firm produced 308 and sold 340 vehicles for 1Q 2001. DA has a 50.2% majority stake held by the automotive company Daewoo Motor (DM) (South Korea). DM has been facing financial problems since the autumn of 2000 and its owners are negotiating the sale of the automotive concern. So far only one investor has shown an interest in the purchase, General Motors (US).
Publication Name: Mlada Fronta Dnes
Subject: Business
ISSN: 1210-1168
Year: 2001
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Daewoo Avia wants to go to the Union with a loss
Article Abstract:
Daewoo Avia (DA) (Prague, Czech Republic), lorry manufacturer, expects a loss of about CEK 150 mil in 2001. Reasons are the firm's low sales. In 2002 the company expects a profit. The result should be supported by the firm's new European markets. Currently, DA exports mainly to Poland, Hungary and Slovakia. It plans to export to Italy, the UK, Ireland and Germany. The parent company Daewoo (South Korea) has a receivable of USD 110 mil at DA. The sum was invested in the development of DA's new model D. The receivable will probably be transformed to shares and Daewoo will increase its stake in the firm. Currently, Daewoo holds a 50.2% stake in DA.
Publication Name: Mlada Fronta Dnes
Subject: Business
ISSN: 1210-1168
Year: 2001
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Daewoo's car sales will decrease in 2001 compared to 2000
Article Abstract:
Daewoo Motor Czech (Czech Republic), Daewoo car importer, plans to sell about 2,500 cars in the Czech Republic in 2001. The quantity is 46% lower compared to 2000. The firm supplied about 450 cars to the Czech Republic for Jan-May 2001. A total of 159 cars of the quantity were delivered in May 2001. The sales of the car make decreased in the autumn of 2000, when the automotive company got to financial troubles and was transferred under the administration of its creditors. Besides, the supplies of some models including the most demanded model Matiz started to stagnate.
Publication Name: Mlada Fronta Dnes
Subject: Business
ISSN: 1210-1168
Year: 2001
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