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Zwack posts weak sales in Jan-March

Budapest-listed Hungarian liquor maker Zwack posted a HUF 120 million loss in the first three months of 2011, the company's last quarter.

Net sales in the business year ended April fell 18.6% to HUF 12.2 billion. Gross domestic sales fell 16.6%. Sales of premium products were down 22.7%, the company said in its quarterly report posted on the website of the Budapest Stock Exchange.

Net earnings fell almost a third to just over HUF 1.55 billion, which the company will pay out in full as dividend.

Zwack six months ago lowered its profit target by a quarter, which it has narrowly met. Zwack will pay HUF 850 a share to stockholders.