Rába expects Russian sales at $12 mln in 2005
Monday, August 29, 2005, 00:00
Rába Rt, a maker of axles, vehicle parts and military trucks, expects sales to Russia to rise by 38% following recently signed contracts, the company said in a stock exchange statement. Győr-based Rába sees 2005 sales rising to $12 million after totaling $8.7 million last year. The company expects to halt three years of operating losses caused by the dollar's decline against the forint this year, CEO István Pintér said June 14. In the second quarter, Rába narrowed its operating loss by almost two thirds as sales rose further than costs. Its operating loss was Ft 535 million, compared with a loss of Ft 1.2 billion a year ago, on sales of Ft 22.9 billion. Sales outside Hungary made up 65% of total revenue in the January-June period.