June 8, 2018 / 2:40 PM / 2 months ago

Czech prime minister's former company posts 2017 profit fall

PRAGUE, June 8 (Reuters) - Czech conglomerate Agrofert suffered a drop in net profit for 2017, the group founded by Czech Prime Minister Andrej Babis said on Friday, citing weakness in its German bakery business.

Net profit fell to 4.8 billion crowns ($219.08 million) last year from 7.79 billion crowns in 2016, the group said, while earnings before interest, tax, depreciation and amortisation (EBITDA) dropped to 13.3 billion crowns from 14.7 billion crowns.

Prime Minister Babis put Agrofert into a trust fund at the start of 2017 to comply with a new law on conflicts of interest.

More than 250 companies are part of the Agrofert group, which employs almost 34,000 employees in total. ($1 = 21.9100 Czech crowns) (Reporting by Robert Muller Editing by David Goodman)

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