Ljubljana, 31 October (STA) - Litostroj Power, a Czech-owned hydro turbine manufacturer, increased its net profit at group level by 19.5% to EUR 742,000 in 2017. The Ljubljana-based group, which climbed out of the red in 2016, generated EUR 63.7m in net sales revenue, an 11.8% increase on 2017, shows the company's annual report.

The core company posted a net profit of EUR 190,000, a drop of 76%, even though net sales revenue was up 13.9% to EUR 44.7m.

Director general Marko Tandler said strong focus had been put last year on using synergies within the group and on forays into new markets. He highlighted the US, which he described as a fairly demanding and specific market.

Tandler said the operations in the last four years - the Czech company Energo-Pro acquired Litostroj Power in April 2014 - showed the company had preserved its growth and stable position on the market. He expects orders to grow further in the coming three years.

The Litostroj Power core company projects net sales revenue to reach EUR 53.68m this year and net profit EUR 1.32m.

Its workforce numbered 415 at the end of last year, which is 14% more than at the end of 2016.

The Litostroj Power group also consists of companies in Canada, the Czech Republic and Turkey.