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Malév injects Ft 3.7 bln into subsidiaries

The State Privatization and Holding Rt (ÁPV) approved at a meeting on Friday a Ft 3.7 billion capital raise at two units of national carrier Malév Rt: the airline's ground services unit Malév Ground Holding will get Ft 1.7 billion and its maintenance and repair unit Aeroplex will get Ft 2 billion. Malév CEO János Gönci said earlier that the units would use the money to pay back loans from the parent company which were used to purchase assets. Malév spun off its ground services activities and its maintenance activities into the two units at the end of 2005. According to the latest available figures Malév closed 2004 with unconsolidated losses of Ft 4.9 billion and consolidated losses of Ft 4.95 billion. Unconsolidated revenue was Ft 120.3 billion in the same year, and consolidated revenue was Ft 123.8 billion