Tungsram books HUF 4.7 bln loss in first 9 months
Hungaryʼs Tungsram group - formed in a management buyout from GEʼs lighting business in Europe, the Middle East, Africa and Turkey, as well as its global automotive lighting business - posted a HUF 4.7 billion after-tax loss during the first - incomplete - year of its operation, the company said on Friday.
Between April and December 2018, net revenues reached HUF 65.25 bln, 92.9% of it from exports, in line with the plans of Tungsramʼs management, state news agency MTI reported.
CFO István Tóth said the company expected significant expenses during its first months because of the separation from GE and the investments it has made.
Last year Tungsram took over the operation of 22 subsidiaries of GE in 23 countries, invested in new segments and product developments, and expanded production capacity at its plant in Kisvárda (NE Hungary) to become a supplier of GE Aviation.
Deputy CEO Gábor Boncz said Tungsram foresees rising revenues and an expanding market share in 2019. Initial investments could show returns in 2020. The company is still focusing on the lightning segment providing 50% of company turnover as this has proved a winning strategy, he added.
The Tungsram group employs more than 4,000 workers, and operates five plants in Hungary, MTI noted.
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