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Ag company TM records decline in profit, rise in revenue last year

Hungarian agribusiness Törökszentmiklósi Mezőgazdasági (TM) posted pre-tax profit of HUF 14 million (€50,280) in 2009, down from pre-tax profit of HUF 51.6 million in 2008, generating revenue of HUF 1.88 billion last year, up from HUF 1.65 billion the previous year, company CEO Attila Németh told MTI.

Németh noted that TM's dairy operations recorded losses of HUF 170 million in 2009, adding that the company expects to generate revenue of HUF 300 million from the sale of 1,400 of its 1,900 milk cows this year.

Németh said that TM would utilize the revenue from sale of its milk cows to partly finance a HUF 800 million expansion of the company's seed segment, which generated 53% of TM's revenue last year. (MTI – Econews)