BRATISLAVA – J&T FINANCE GROUP, a.s. successfully continued in its previous year’s performance, generating a profit of EUR 27 mil for the first six months of this year. The achieved results slightly exceed the plan for the period. Assets ran to EUR 3.5 bn. Equity capital amounted to EUR 569.1 mil. It follows from unaudited consolidated results, including J&T FINANCE GROUP, a.s., prepared in accordance with the international financial reporting standards (IFRS).
“In evaluating the results for the first half of 2009, we can see a completely different group than in the previous year. After the last year’s separation of a part of non-financial assets, this year we have almost completed our long-term plan to build a group which operates as a strictly financial and bank holding. We helped significantly establish the Best Hotel Properties hotel company and the Tatry Mountain Resorts holding. The group will participate in their future development as a financial investor.” comments Jozef Tkac, president of J&T.
The company supposes that BHP a.s. (Best Hotel Properties) will include luxury hotels in Central Europe and Russia in its portfolio in the near future. Tatry Mountain Resorts will incorporate unique assets located in the High and Low Tatras in its portfolio in a foreseeable time. Both companies are currently listed on the Bratislava Stock Exchange, and they are expected to be listed on one of the most important Central European markets in Prague or Warsaw in the medium term.
“Currently, we consider investing on equity and bond markets to be very attractive. And we will continue actively to search for new investment projects. The present gives us a great number of opportunities which we, as the financial investor, do not wish to miss,” explains Patrik Tkac, one of the founders of J&T.
It was primarily the specialized finance and financial market activities that contributed significantly to the results of the group itself in the previous half year. In six months, they brought J&T a profit of EUR 18.14 mil. The net interest income of EUR 9.66 mil and the net profit from trading of EUR 52.71 mil are the most important components in terms of the profit structure.
J&T currently ranks as one of the most important and fastest developing groups in the territory of the ex-Czechoslovakia. The principal business activities of the group include private and investment banking. At present, it is actively present mainly in the Slovak, Czech, Swiss and Russian markets. For more information see http://www.jtfg.com/.
author: Maroš Sýkora - Hovorca