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Pannon-Flax wins Ft 1.1 bln army tender

Textile maker Pannon-Flax Rt announced on Tuesday it has won a three-year contract worth Ft 1.1 billion to supply Hungary's Armed Forces.

The contract will generate additional revenue of Ft 400 million in 2006. Pannon-Flax also announced that its biggest US buyer placed orders worth only $1.3 million in the first half of 2006, equivalent to just 14% of last year's orders.
Pannon-Flax targets profit of Ft 150 million on revenue of Ft 3.5 billion in 2006. In 2005, the company had consolidated retained earnings of Ft 26 million, up from losses of Ft 125 million a year earlier. Revenue in 2005 was Ft 3.76 billion, up 13.4% from the previous year.