Net income increased 8% in the first quarter to CZK 587,819,000 ($26.5 mm) from CZK 544,730,000 last year, but the top line declined 15% to CZK 3,012,556,000 ($135.9 mm) from CZK 3,553,557,000 on a 25% drop in U.S. sales. By far the company’s largest market, the U.S. accounted for CZK 1,632.9 million ($73.7 mm) in Q1 sales, partially impacted by the koruna, which rebounded after last year’s run-up in the dollar. However, profits benefitted from about CZK 150 million caused by FX hedging instruments used to offset appreciation of the koruna ... Log in to view full article.