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Budapest-listed automotive group Rába Nyrt has launched a comprehensive EU-sponsored innovation program aimed to double its axle production by 2015, the company said in a press release.
Rába has set up an R&D institute as part of the program and will invest more than HUF 1.5 billion over the next three years to double its axle output.
Rába posted a loss at the operating level in the first quarter, but exchange rate changes propelled it to a net profit of HUF 399 million, according to the company's consolidated IFRS report.
Revenue fell 18.4% to HUF 7.98 billion in Q1 compared to the same period a year earlier. (Napi)