Pannonplast reports narrowing loss

Recycling

Hungarian plastics maker Pannonplast Rt said it will post a narrower year-end loss as it continued to cut costs and sell unprofitable units, Napi Gazdaság reported, citing the company's chief financial officer. Budapest-based Pannonplast said 2005 loss will narrow to Ft 458 million ($2.1 million) from Ft 1.8 billion last year. Sales are expected at Ft 22 billion, compared with Ft 26.2 billion a year ago, CFO Dénes Gyimóthy said, Napi reported. Pannonplast plans to sell as much as 51% of its unprofitable industrial plastics unit in the first half of 2006 and focus on its consumer packaging unit, which is expected to open a manufacturing plant in Serbia within six months. The company hasn't posted a full-year profit the past three years. The company said November 4 its third-quarter net loss was Ft 12 million.
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