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Extreme shortfall at BÉT

The “A” category businesses at the Hungarian Stock Exchange BÉT had a total profit of not more than HUF 116 billion in the first half of the year, business daily Napi Gazdaság reported. Such profit shortfall has not been experienced since 2001. The current tendency suggests economic recession once again, said the paper. Eight out of the 20 “A” category companies closed the first six months of 2010 with deficit while only 6 were able to increase their profits. Richter and MTelekom could keep their positions, but MOL and OTP came out badly in the January-June period, as the pharmaceutical and telecommunication industries are much less cyclic than the oil or bank sector, added the paper. (BBJ)