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Article: Business in Western Bohemian spas stagnates in 2002, operators blame strong crown.
- Article from:
- Czech Business News
- Article date:
- June 27, 2003
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Business in Western Bohemian spas stagnates in 2002, operators blame strong crown
Prague. June 27. INTERFAX EUROPE - Leading Western Bohemia spa companies showed significant declines in sales and profits in 2002, mostly due to the negative impact of the strong Czech crown, the daily Hospodarske noviny (HN) reports on Friday.
The Imperial Karlovy Vary (IKV) spa saw its 2001 profit of CZK 29 mln turn into a 2002 loss of CZK 34 mln. A recession in Germany, a decline in the number of spa guests, and the weakening of the US dollar against the Czech crown had a "tragic" impact on the firm's performance last year, says IKV general director Jiri Milsky.