Právo publisher suffered losses of 53 million in 2009

The joint-stock company Borgis, the publisher of the Czech newspaper Právo, suffered financial losses last year of 53.3 million crowns, a year after posting profits of 73.6 million after tax, it has revealed in its annual report. The publisher attributed the negative numbers to the financial crisis. Despite the worsening results in 2009, the company hopes to recoup its losses, while cutting down on expenses. Borgis publishes not only Právo but also - together with internet website Seznam - runs the sister internet site novinky.cz; the majority shareholder in the firm is Právo’s editor-in-chief Zdeněk Porybný.