Nolato Hungary revenue up 27% yr/yr in 2011

Pharma

Nolato Hungary, the Hungarian unit of Swedish high-tech developer and manufacturer of polymer components and product systems Nolato, generated revenue of €42 million in 2011, up 27.3% from €33 million in 2010, Nolato Hungary economic director Norbert Meleg told MTI on Tuesday.

Meleg noted that the Nolato Hungary's 2011 revenue significantly exceeded the company's targeted turnover of €34 million for the year. 60% of Nolato Hungary's revenue comes from exports.

The unit projects a more moderate increase in revenue in 2012, the economic director said. Meleg remarked that a €7 million investment at Nolato Hungary not yet generated a significant increase in turnover this year. The investment, financed 25% from European Union funding, will expand the company's product profile.

The company generated operating profit of €4.3 million last year. Meleg said this was the first year that the unit paid corporate tax.

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