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Rába says audited figures show deeper loss

  Hungary’s Rába posted a deeper than earlier estimated loss of HUF 5.098 billion ($23.49 million) last year according to audited figures, the company said in a statement on Wednesday.

Earlier, unaudited figures showed a consolidated net loss of HUF 393 million, but the audited balance sheet does not include the revaluation of real estate recently valued at HUF 5.85-6.27 billion, the company said.

In 2007, Rába posted a profit of HUF 1.414 billion.

The company said the unrealized loss of derivative transactions pushed its net result deep into the red and without the unrealized hedge loss it would have posted a loss of only HUF 19 million in 2008.

Rába plans not pay dividend on 2008, it said. (Reuters)