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Herendi attempts to cut losses

Porcelain manufacturer Herendi Rt has introduced a series of cost-cutting measures in a bid to whittle down its looming losses for the year as costs already overshoot sales by some Ft 1 billion, business daily Világgazdaság reported. As a first step, the company has moved to axe management wages by 50%, terminated its advisory contracts but it is also planning to cut some of its staff. Herendi appointed a new CEO in September after its H1 revenues came in at Ft 2.8 billion, 8% less than expected. Herendi is 75% owned by the company's 1,400 staff, while the remaining 25% is state-held.