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Rába has net losses of HUF 1.5bn in third quarter, recommends state takeover

Hungarian vehicle and vehicle-parts maker Rába had net losses of HUF 1.5bn in the third quarter of 2011, compared to net income of HUF 391m in Q3 of 2010, as a result of sharp net financial losses during the period, the company’s third quarter consolidated IFRS report published following the close of markets on Wednesday showed.

The company net financial losses of HUF 1.2bn in third quarter of 2011, compared to net financial gain of HUF 830m in Q3 of 2010.

Rába had sales revenue of HUF 8.22bn in third quarter of 2011, up 5.8% yr/yr.

The company had export revenue of HUF 5.6bn in the third quarter of 2011, compared to export revenue of 4.6bn in Q3 of 2010, and domestic revenue of HUF 2.6bn during the period, compared to domestic revenue of HUF 3.2bn during the same period a year earlier.

Rába had operating losses of HUF 232.9m in third quarter of 2011, compared to operating losses of 147.2m in Q3 of 20110.

The company had gross profit of HUF 1.34bn in third quarter of 2011, down 15% yr/yr.

Rába’s board on Wednesday evening unanimously recommended that company shareholders accept the Hungarian National Asset Management Company’s November 7 public purchase offer for Rába at a price of HUF 815 per share.