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NABI losses improve in 2005

Hungarian busmaker NABI had consolidated losses of $27.36 million in 2005, a 57.7% improvement from the previous year, according to the company's annual report, prepared with International Financial Reporting Standards and published on Saturday.

Losses improved because of layoffs, the shutdown of NABI's bus factory in Kaposvár, southwest Hungary and the sale of its UK unit Optare Holdings. NABI said it expects a deal under which it is selling its US unit NABI Inc. to Homerica in exchange for taking over $81.1 million in debts owed by the parent company and a $2 million cash premium to be completed by February 14. Consolidated operating losses came to $18.69 million in 2005, a 52.1% improvement from a year earlier. Operating losses included the $10.57 million cost of restructuring the company. Pre-tax losses totalled $27.2 million, a 52.5% improvement from a year earlier. Included in pre-tax losses was a write-off from the sale of Optare, which NABI sold in July.