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Investments reduce Magyar Posta profits

Hungary's state-owned postal service, Magyar Posta Rt, had operating profit of Ft 9.7 billion in the first seven months of the year, but the company will end the year with fewer profits because of end-of-year investment costs, CEO Pál Szabó said yesterday. Magyar Posta  expects operating profit of Ft 6 billion in 2005, compared to Ft 4.34 billion in 2004. Magyar Posta's seven-month pre-tax profit came to Ft 9.8 billion, 80% more than in the same period a year earlier. (Econews; NG 4, MH 12)