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PPF not to sell Russian assets despite economic slowdown

June 11, 2014, 14:59 UTC+3 MOSCOW
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MOSCOW, June 11. /ITAR-TASS/. PPF Group, belonging to Czech Republic’s tycoon Peter Kellner, will not sell its Russian assets despite an economic slowdown in the country, shareholder Jean-Pascal Duvieusart told PRIME news agency in an interview Wednesday.

In Russia, the group owns Home Credit and Finance Bank, electronics retailer Eldorado, and a 20%-stake in precious metals producer Polymetal International.

Duvieusart said that Russia’s economic situation is hurting the group’s performance, but the earnings’ dynamics will still be positive in 3-5 years.

In 2013, the net profit of PPF Group declined by 40% to €450 million. Duvieusart said that the ruble fall, weaker financial results of the Home Credit and Finance Bank and a low gold price have undermined the economic performance of the group.

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