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Pannon-Flax H1 losses grow as margin narrows

Hungarian textile maker Pannon-Flax's first-half losses rose to HUF 75 million from HUF 52 million in the same period a year earlier as its margin narrowed, the company's consolidated IFRS report published late Thursday shows.

Net sales revenue fell 5% to HUF 797 million. At the same time, direct cost of sales rose 5% to HUF 644 million, causing gross profit to drop 31% to HUF 152 million.

Pannon-Flax had an HUF 83 million loss at operating level.

Pannon-Flax said its third-quarter order stock stands at HUF 649 million at present, which is a 63% pro rata rise over the first half.

The company had total assets of HUF 3.53 billion on June 30, down 7% from twelve months earlier. Net assets dropped 9% to HUF 1.95 billion.