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Co-op Hungary sees revenue growth slowing

Hungarian-owned supermarket chain Co-op Hungary expects revenue to rise 4-5% over last year's HUF 500 billion in 2009, in spite of the economic downturn, but it sees profits falling to HUF 1.5 billion-2 billion from almost HUF 3 billion, CEO László Murányi said at a store opening on Wednesday.

Co-op Hungary will cut its spending on new store openings this year to HUF 2 billion from HUF 3 billion in 2008, Murányi said. The chain has opened five new stores so far this year and expects to open 5-6 more by year-end, he added.

Co-op Hungary's revenue climbed 14% in 2008. (MTI-ECONEWS)