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BorsodChem Q1 net profits fall 52% to Ft 2.47 bln

Chemicals company BorsodChem Rt's consolidated net profits fell 52.7% to Ft 2.47 billion in the first quarter of 2006 compared to a year earlier, and operating profit increased 3.2% to Ft 6.02 billion, the company said in its unaudited consolidated IFRS flash report published on Friday.

The drop in profits was due to the weakening of the forint, which resulted in non-realized exchange rate loss of Ft 2.76 billion on BorsodChem's foreign currency loans in the period, the report said.
BorsodChem's consolidated sales revenue increased 32.6% to Ft 55.61 billion in the first three months 2006. Export revenue rose 31.2% to Ft 47.72 billion.

In separate news, the company’s AGM on Friday decided to pay Ft 4.16 billion, or 31% of 2005's unconsolidated after-tax profit of Ft 13.41 billion, as dividend. The dividend calculates as Ft 50.35 per share, but is expected to be Ft 51 per share after the correction for treasury shares. A year earlier, BorsodChem shareholders decided to pay out a Ft 3.66 billion dividend, or 21% of 2004's unconsolidated after-tax profit of Ft 17.34 billion.