Pannon-Flax H1 profits up despite industry downturn
Wednesday, August 17, 2005, 14:07
Győr-based clothing manufacturer Pannon-Flax Rt had after tax profit of Ft 18.5 million in H1 of this year. While the Hungarian textile industry faces severe problems, Pannon-Flax managed to increase its export by 34% to almost Ft 800 million. Total turnover reached Ft 1.6 billion in the first six months of the year. H2 revenues are expected to be around Ft 1.9 billion, thanks to Ft 530 million army tender that was won by the company. Costs decreased thanks to earlier downsizing, so the management forecasts about Ft 150 million results for the whole year. (NG 10) G.R.