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BorsodChem marches ahead as predicted

Plastics manufacturer BorsodChem Rt saw Ft 17.19 billion after-tax profit last year, 170% more than in 2003, the company said in its flash report this morning. Sales revenues totaled Ft 147.93 billion in 2004, a 12.4% rise year-on-year. The excellent annual result, exactly in line with an analyst consensus of business daily Világgazdaság a few days ago, came as a result of a 18-fold increase in Q4 net income from Ft 242 million in 2003 to Ft 4.3 billion last year. Q4 operating profit also increased year-on-year by 37% to Ft 3.5 billion, however, the annual operating profit of the company declined by 22% to Ft 11.5 billion. This was offset by the Ft 7.14 billion balance of financial transactions, which was much better than the Ft 6.52 billion loss the company saw in 2003.