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Praktiker profits up 1.5% in 2005 on stagnating market

German do-it-yourself store Praktiker's profits in Hungary increased 1.5% in 2005 and revenue rose to Ft 44 billion in spite of the stagnating market, head of Praktiker's Hungarian unit Karl-Heinz Keth announced on Monday.

Keth did not disclose the unit's profits, saying only that the company has been profitable since 2000. Figures published by the company court show Praktiker had profits of Ft 2.38 billion on revenue of Ft 35.75 billion in 2004. Keth said the unit had performed well in Q1 2006 as well.
Praktiker controls 34.2% of Hungary's DIY market, according to independent market researchers, Keth said, adding that the store is not worried by reports that two more DIY chains, Bauhaus and Hagebau, are coming to Hungary.