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Rába announces new Russian orders worth combined 4 million euros 2006

Rába Futómű, a unit of Hungarian vehicle and vehicle parts maker Rába group, has signed new agreements with two Russian partners that will generate a combined 4 million euros of revenue from the company in 2006, Rába announced on the website of the Budapest Stock Exchange on Thursday. Rába Futómű has singed an agreement to deliver 1million euro worth of axle systems by the end of 2006 to the Pavlov Bus Factory, a member of Russia's GAZ group. The axle system will go into mid-sized buses of the same type that Rába has been making chassis for several years. Rába has also signed an agreement with KAMAZ to deliver axles for city buses worth 3 million euros. In 2005, Rába Futómű had revenue of 11 million euros from exports to CIS countries and countries in the CEE region, almost double the amount in 2004. In 2007, the company expects export revenue from the region to reach 20 million euros. Rába Futómű had first-quarter revenue of Ft 7.8 billion, 8.3% more than in the same period a year earlier. Revenue was boosted by Rába announces two new Russian orders worth combined 4 million euros in deliveries to Europe, as sales in the US fell. Rába Futómű's parent company, Rába Járműipari Holding, had after-tax losses of Ft 181 million in the first quarter of 2006, an improvement from losses of Ft 1.523 billion in the same period a year earlier. (Bloomberg)