The company’s registered capital will fall from Ft 210 million to Ft 52.5 million.
Hungarograin decided it would no longer carry out transactions on its own account, but only those for clients, allowing it to lower its capital from the Ft 200 million requirement for brokerages which do make their own deals, CFO Bernadett Cseresznyés said. The latter type of activity is more profitable: last year Hungarograin had revenue of Ft 140 million and costs of Ft 40 million on its activities for clients, while its own deals generated revenue of Ft 85 million, but costs of Ft 101 million.
Hungarograin had net assets of Ft 220 million at the end of 2005, slightly up from Ft 217 million a year earlier, while total assets fell to Ft 348 million from Ft 528 million at the end of 2004.
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
