Rába reports net losses of Ft 3.26 bln in January-September
Thursday, November 10, 2005, 10:28
Vehicle and vehicle parts maker Rába reported consolidated net loss of Ft 3.26 bln (EUR 13.1m) in the first nine months of 2005, compared to net profit of Ft 1.78 bln a year earlier, according to the company's unaudited consolidated report published on Thursday. Rába sharply reduced operating losses but registered net financial losses instead of large financial profits in the base period. Rába's net losses were below the Ft 3.41 bln nine-month loss forecast of analysts polled by business daily Napi Gazdaság. Sales revenue rose by 24.6% to Ft 33.28 bln of which export amounted to Ft 21.79 bln, up 25.4% on January-September last year. Rába recorded nine-month operating losses of Ft 1.89 bln. Operating losses fell sharply from Ft 3.94 bln a year earlier, and dropped 31% in Q3 from the previous quarter, to Ft 369 mln. The company had Ft 1.57 bln in financial losses in January-September this year as against Ft 5.62 bln of financial profits a year earlier.
The EBRD and DRB Hicom Group hold 11.44% of Rába shares each, and the local council of Győr, the city where Rába is based holds 7.58%. Rába held 5.11% of the shares as treasury stock at the end of September 2005.