HUNGARY: Globus sees 55% rise in 2002 pre-tax profits

Hungarian cannery firm Globus has reported a pre-tax profit for the first ten months of this year of HF1.84bn (US$8.1m), a 7.8% increase compared to the same period of last year. The company also announced new forecasts for full-year results. Sales revenues are now expected to be lower than previously forecast, but at HF33.6bn they are still expected to be 23% higher than last year. The company attributed the lower revenues to exchange losses on western European export orders committed before the recent strengthening of the Hungarian forint.

December 17, 2002

Hungarian cannery firm Globus has reported a pre-tax profit for the first ten months of this year of HF1.84bn (US$8.1m), a 7.8% increase compared to the same period of last year.

The company also announced new forecasts for full-year results. Sales revenues are now expected to be lower than previously forecast, but at HF33.6bn they are still expected to be 23% higher than last year. The company attributed the lower revenues to exchange losses on western European export orders committed before the recent strengthening of the Hungarian forint.

Pre-tax profits are now forecast to rise to HF1.7bn, 55% higher than last year and HF176m more than was previously targeted, reported Interfax.