Hungarian textile maker Pannon-Flax's first-quarter losses grew to HUF 145 million from HUF 81 million in the same period a year earlier as margins narrowed, the company said in its consolidated IFRS report published late Tuesday.
Revenue fell 7.0% to HUF 275 million. Direct cost of sales dropped at a slower rate, falling 5.1% to HUF 271 million. Gross profit was just over HUF 4 million and this was eaten up by HUF 129 million in indirect cost of sales.
Pannon-Flax had a HUF 131million loss at operating level.
Pannon-Flax had total assets of HUF 3.41 billion on March 31, 2011, edging down 1.4% from the end of 2010. Net assets fell 8.5% to HUF 1.86 billion. Long-term liabilities inched down 1.2% to HUF 483 million.