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Raba Reports First-Half Loss

Raba Rt., a Hungarian maker of axles, vehicle parts and military trucks, reported a loss for the first half after a jump in sales failed to offset financial losses brought about by a rising forint. Gyor, Hungary-based Raba said its first-half net loss was 2.7 billion Ft (USD 13.8 million), compared with net profit of
1.6 billion Ft a year ago when gains from hedging contracts helped the company. Sales surged 41% to 22.9 billion Ft from a year before. The company said it had a loss of 1.3 billion Ft on financial transactions in the first half, compared with a profit of 4.6 billion Ft last year. Raba's operating loss halved to 1.5 billion Ft in the first six months, the company said in its earnings report. Company sales outside Hungary made up 65% of total revenue, with sales to the U.S. surging 61% to USD 38.2 million and revenue from central and eastern European markets rising 29%.