Fotex shares jump
Monday, August 15, 2005, 09:02
Shares of Fotex Rt, a Hungarian retailer, jumped as much as 13% after the company recorded profit in the second quarter because of cost cutting measures that include a company wide reorganization, business daily Napi Gazdaság reported. The shares ended Ft 7 lower, a fall of 2.2 % to Ft 310 in Budapest, valuing Fotex at USD 112 million. Fotex posted quarterly net income of Ft 89.4 million forint, compared with a net loss of Ft 300.4 million a year earlier, based on first-half earnings figures provided by the company yesterday.