Hungarian canned food manufacturer Globus is expected to increase its anticipated losses for 2005 from HUF1.2bn (US$5.6m) to HUF4bn, Hungarian reports suggested today (31 January). This is an increase on last year’s reported losses, as in 2004 the company posted a loss of HUF670m.

Domestic sales and exports were below expectations and higher energy costs and poor weather conditions have negatively affected the company’s outlook. The strong Polish Zlotych deepened the losses sustained by Globus’ Polish subsidiary.

In the first half of 2005, the company reported a loss of HUF1.06bn, having generated revenue of HUF14.76bn.