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Agribusiness IKR to decide on bankruptcy protection

IKR, one of Hungary's biggest agribusinesses, will decide on Wednesday whether to file for bankruptcy protection, CEO Attila Szaxon told MTI on Tuesday.

IKR had a HUF 2.7 billion loss on revenue of HUF 94 billion in 2009, Szaxon said. In 2008, the company booked a profit of HUF 71 million on record revenue of HUF 120 billion, he added.

IKR had targeted profit of HUF 503 million on revenue of HUF 77 billion for 2010, but an agreement with the company's creditors has been delayed, so it is likely to break even on revenue of HUF 50 billion-60 billion in a best-case scenario, Szaxon said.

IKR controls 14% of Hungary's planting seed market, 15% of the pesticide and herbicide market and one-third of the market for artificial fertilizer. It has 30-35% of the market for farm machinery. (MTI-ECONEWS)