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Videoton capital-strong, plans no further layoffs

Hungarian-owned electronics manufacturer Videoton is capital-strong, with net assets of more than HUF 70 billionn, and it plans no more layoffs, for the time being, other than 400 redundancies announced at the end of November, CEO Ottó Sinkó told MTI.

Videoton has no outstanding loans, Sinkó said.

Videoton expects to close 2008 with unconsolidated revenue of HUF 94 billion, 5% less than in 2007. Sinkó attributed the fall in turnover to the forint's - albeit temporary - firming during the year.

Though Videoton will make fewer new investments in 2009 because of the effects of the global economic crisis, it can use freed up resources to make acquisitions on the cheap, Sinkó said. At the same time, the company is preparing to face growing risks by cutting costs, and boosting efficiency. (MTI – Econews)