Are you sure?

Phylaxia racks up loss as costs outpace revenue growth

Hungarian veterinary drug maker Phylaxia 1912 Holding racked up a HUF 329 million loss in 2009 as costs outpaced revenue growth, the company's audited consolidated IFRS report published on Wednesday shows.

In 2008 Phylaxia nearly broke even. Phylaxia's revenue inched up 4% to HUF 3.59 billion, but operating costs jumped 20% to HUF 3.90 billion in 2009. Costs were boosted in large part by a 23% increase in material costs, which came to HUF 2.94 billion.

Phylaxia had a loss of HUF 317 million at operating level as against operating profit of HUF 174 million in 2008.

Phylaxia had total assets of HUF 11.70 billion on December 31, 2010, 82% more than twelve months earlier. Net assets climbed 81% to HUF 7.72 billion.

Phylaxia said it would continue to target possible acquisitions in 2010. (MTI-Econews)