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November 10, 2005

HUNGARY: Parts maker Raba plunges into the red

Parts maker Raba on Thursday reported a nine-month net loss of HUF3.26bn forints (US$15.41 million) after a HUF1.78bn net profit in the same period a year earlier.

Parts maker Raba on Thursday reported a nine-month net loss of HUF3.26bn forints (US$15.41 million) after a HUF1.78bn net profit in the same period a year earlier.

According to Reuters, sales revenues rose by 25% to HUF33.28bn forints as exports rose by 25% and costs rose by a more benign 20% to lift Raba’s gross profit by 46%.

But Raba suffered a net financial loss of HUF1.57bn, mostly from hedging deals after a HUF5.62bn profit on similar deals a year earlier.

Raba did not provide separate third quarter data but Reuters calculations show that its net loss was HUF583 million after a profit of HUF198 million a year earlier.

Although nine-month revenues showed rapid growth, third quarter sales totalled just 10.35bn forints, 1% less than a year earlier and 16% less than in the third quarter, the news agency said.

The quarterly revenue drop came as sales by all three of its chief divisions dropped with the parts division leading the way with a 30% decline, Reuters said.

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