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Pannon-Flax falls further into red in Q1 on rising sales costs, financial-transaction losses

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Hungarian textile maker Pannon-Flax had after-tax losses of HUF 54.4 million in the first quarter of 2013, up from after-tax losses of HUF 38.5 million a year ago on increasing cost of sales and financial-transaction losses, the consolidated, unaudited IFRS report of the company showed late Friday. Pannon-Flax had direct cost of sales of HUF 350.2 million on revenue of HUF 460.6 million in Q1, up 51.1% and 79.4%, respectively. The company had financial-transaction losses of HUF 56 million in the first quarter, compared to financial-transaction gains of HUF 61.6 million a year ago.

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