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Vegyépszer projects big drop in 2009 revenues

Hungarian construction company Vegyépszer said it expects a downturn in infrastructure developments to cause its revenue to drop to HUF 50 billion in 2009 from an expected HUF 80 billion in 2008.

Vegyépszer will finish up big projects in H2 2008. Though the company has not had to make layoffs in the last two years - even though construction sector output has dropped almost 30% - it will be forced to reduce staff because of worsening market conditions, Vegyépszer said.

According to press reports, the company will lay off 350-400 people, or half of its staff, from January 1, 2009. (MTI – Econews)