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Rába projects "balanced growth" in 2010

Hungarian vehicle and vehicle parts maker Rába expects "balanced growth" in 2011, chairman-CEO István Pintér told shareholders at the company’s annual general meeting on Friday.

A renewed five-year framework agreement Rába signed with Marmon-Herrington last year will ensure the company a stable presence on the US axle market, Pintér said. The company wants to participate in renovations and modernizations of bus fleets in CIS countries too, he added.

Rába much anticipates the start of a government reconstruction program for public transportation in Hungary, he said.

Rába will complete the final phase of its HUF 1.6 billion Rába Development Institute next year, Pintér said. Added value generated by the institute is expected to double axle sales over 2008 levels by 2015, he added.

Rába had a HUF 859 million loss in 2010 and paid no dividend to shareholders.

Consolidated pre-tax profit doubled to HUF 274 million in 2010. Revenue climbed 5% to HUF 35.8 billion.

The company had total assets of HUF 32.0 billion on December 31, 2010, down 1% from twelve months earlier. Net assets dropped a little more than 6% to HUF 10.1 billion.