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Rába takes losses on raw materials and energy, weak forint

President-CEO István Pintér of Hungarian vehicle and vehicle parts company Rába attributed the company's 2008 losses of HUF 5.98 billion (€1.21 million) to a rise in the cost of raw materials and energy and a weakening of the forint against the euro and the dollar, Pintér said at Rába's AGM.

Rába posted profit of HUF 1.41 billion in 2007.

Rába recorded near 20% increase in export both in the United States and Europe, while markets in the former Soviet Union froze. The company signed a contract with US vehicle maker John Deere for another five years.

Rába is planning to upgrade its capacity for €20m in 2009.

Pintér did not disclose the company's financial plans for 2009, but stressed the importance of profitability and the intention to increase its market share. (MTI – Econews)