Business News

Photo: archive of Ikea

In this week’s Business News: Ikea doubles Czech profits; oil explorer gets seismic in South Moravia; Leo Express says breaks even on passenger operations; South Bohemia plots international airport aspirations; and new step for Internet commerce.

Ikea boosts sales but sticks with modest expansion plans

Photo: archive of Ikea
Iconic furniture seller Ikea is maintaining its cautious expansion policy in the Czech Republic in spite of solid sales and profit figures. The Swedish-based company doubled Czech profits for the 2013-2014 financial year to almost 370 million crowns with turnover up by around 5.0 percent to 7.7 billion crowns. Ikea though is still only looking to add one new store in Prague to its existing two in the capital. Mooted plans for a new store in Plzeň and one between Hradec Královė and Pardubice are on hold.

Czech oil explorer seeks new reserves

Illustrative photo: archive of Radio Prague
In spite of a glut of oil on world markets and tumbling prices, the Czech Republic’s sole significant oil and gas producer, Moravskė Naftovė Doly (MND), is pushing ahead with seismic tests in south Moravia around Kyov. The tests cover almost 200 square kilometers of territory and will be followed up by analysis and bore holes in a process taking several years before any oil or gas are likely to be extracted. MND produces around two percent of the Czech Republic’s annual oil consumption and one percent of its natural gas needs.

Leo express see operating breaking even

Photo: Leo Express
Private passenger rail operator Leo Express says it broke even at an operating level in 2014, a fact which bosses describe as a success. Even so, a final loss of around 120 million crowns is still being counted on for last year. The rail passenger company launched in November 2012 on the route between Prague and Ostrava and has expanded services to Košice, Slovakia, together with a combined train and bus link to Katovice, Poland.

Region readies development plans for Českě Budějovice airport

Photo: Filip Jandourek
The South Bohemia region is preparing next month to make a final decision on a 500 million crown investment into the development and expansion of Českě Budějovice airport. The aim is the upgrade the airport to international level with a target of attracting around 80,000 travellers a year with a mixture of charter and scheduled flights. The facilities were mainly developed for military and recreational aviation.

Idea has legs says internet tailor

Photo: stockimages /
Internet commerce appears to have taken a new step forward in the Czech Republic with an offer for on-line tailoring services. The so-called ‘krejčomat’ service is at the moment limited just to trousers with its Prague founder saying that the biggest challenge so far is persuading customers to make the nine accurate size measurements necessary for orders to be made up. E-mailed orders are delivered within two weeks.