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Iveco Says Net Profit Doubled in 2006

Czech bus maker Iveco Czech Republic said Friday its net profit doubled in 2006, boosted by growing sales.

The company earned 789 million koruna ($36.9 million) last year, compared with 395 million koruna in 2005, it said in a statement.

Iveco's sales rose by about 30% year-on-year to 9.2 billion koruna ($431 million), the company said.

It sold more than 2,400 buses in 2006, up from 1,883 the previous year, according to preliminary figures. Final figures are to be released in April.

About 80% of the company's buses were exported last year. Most of them - about 1,000 - went to France, the bus maker's most important market. Slovakia, Italy and Germany are other top markets for Iveco.

The company, which until last year was known as Karosa, is owned by Italy's Fiat SpA through its trucks business Iveco.

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