The well-known brand of Zetor tractors is at a double loss. The pandemic has interrupted many years of profits – PRAVDA.sk

The Czech tractor manufacturer Zetor has not escaped as a result of the coronavirus crisis. The company’s total loss almost doubled last year to CZK 217 million (EUR 8.5 million).

In 2019, it amounted to CZK 111.6 million. Revenues fell by 106 million to CZK 1.86 billion. This follows from the company’s annual report, which was published by the E15.cz server.

“Epidemiological measures have negatively affected the trade in agricultural machinery. The consequences are evident not only for 2020, but they are also likely to affect future years, “the company said in its annual report. “The amount of the accounting loss was largely affected by the global pandemic, which resulted in frequent interruptions in the supply of components from countries severely affected by COVID-19 and disruption of production flow and a decline in orders,” the company added.

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Zetor recalls that it reported a loss between 2018 and 2020 after eight years of continuous profits. However, the loss trajectory from 2018 and 2019 was significantly exacerbated by a pandemic last year.

The volume of production has also been declining for a long time. In 2014, Zetor sold 4,178 tractors, three years later it was 2,786. Last year, it added 1,788 tractors to the distribution network.