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Raba net losses drop 88.1% to Ft 181 mln in Q1

Vehicle and vehicle parts maker Rába Nyrt had net losses of Ft 181 million (€697,737) in the first three months of 2006, compared to losses of Ft 1.524 billion a year earlier, the company said on Wednesday in its preliminary report, prepared according to International Financial Reporting Standards (IFRS).

Operating profit was 22 million in the first quarter, but net profits were hurt by financial losses of Ft 123 million. Operating losses amounted to Ft 983 million in January-March 2005 and Ft 89 million in the fourth quarter last year.
Revenue increased 12.9% to Ft 11.941 billion in January-March. Revenue from exports rose 5.5% to Ft 7.66 billion and domestic sales increased 29.2% to Ft 4.28 billion. Gross profit improved by 48.4% to Ft 2.68 billion from Ft 1.81 billion.