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Hungarograin reduces capital

Shareholders of Hungarograin Zrt, the second-biggest grain futures trader on the Budapest Stock Exchange (BÉT), decided at an extraordinary general meeting to reduce the company's registered capital by Ft 157.5 million, the company announced on Thursday.

The company's registered capital will fall from Ft 210 million to Ft 52.5 million.
 Hungarograin decided it would no longer carry out transactions on its own account, but only those for clients, allowing it to lower its capital from the Ft 200 million requirement for brokerages which do make their own deals, CFO Bernadett Cseresznyés said. The latter type of activity is more profitable: last year Hungarograin had revenue of Ft 140 million and costs of Ft 40 million on its activities for clients, while its own deals generated revenue of Ft 85 million, but costs of Ft 101 million.
Hungarograin had net assets of Ft 220 million at the end of 2005, slightly up from Ft 217 million a year earlier, while total assets fell to Ft 348 million from Ft 528 million at the end of 2004.