Are you sure?

Hollóház expects small profit in 2006

Majority state-owned porcelain maker Hollóház expects a small profit in 2006, after four years of losses, business daily Napi Gazdaság reported on Monday.

Hollóház targets operating profit of Ft 33 million and pre-tax profit of Ft 11 million on sales revenue of Ft 1.65 billion, CEO József Pálfi told Napi Gazdaság. Pálfi attributed the big improvement in results to more than 80 layoffs by the company's newly appointed board in November 2005. This year Hollóház plans to take further steps to secure its position for the long term, purchasing a new, more cost-efficient kiln, restructuring its network of shops - which generate one-third of revenue - and giving its brand a bigger presence in Budapest. The company also plans to repay some of its Ft 550 million in debts in 2006. Although Hollóház has repeatedly been put up for sale, it has not attracted any serious offers.