Are you sure?

Pannunion slips deeper into red on growing financial losses

Pannunion, the packaging unit of alternative-energy company PannErgy, had an after-tax loss of HUF 743 million in 2008, more than double losses of HUF 332 million in 2007 as the company's financial losses jumped, Pannunion's consolidated IFRS report shows.

Pannunion's financial losses came to HUF 1.06 billion in 2008, well over a loss of HUF 447 million in 2007.

Revenue rose 18% to HUF 1.88 billion. Direct cost of sales increased 14% to HUF 9.17 billion. Gross margin was up 33% at HUF 2.71 billion.

Indirect cost of sales increased 26% to HUF 2.34 billion.

EBIT more than tripled to HUF 347 million from HUF 108 million.

Pannunion had a fourth-quarter pre-tax loss of HUF 608m compared to losses of HUF 228 million in the same period a year earlier. Q4 revenue fell 2% to HUF 2.86 billion. (MTI – Econews)