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Article: Raba announces HUF 2.4 billion cost-cutting program, expects operating profit by Q4.
- Article from:
- Hungary Business News
- Article date:
- July 3, 2003
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Raba announces HUF 2.4 billion cost-cutting program, expects operating profit by Q4
Budapest. July 3. INTERFAX-EUROPE - Engineering group Raba hopes to return to profitability on the operating level by Q4 this year as the result of significant cost cutting measures, restructuring and a 15-20% headcount reduction, CEO Istvan Pinter told reporters on Thursday.
A majority of the restructuring moves will be completed by the end of the third quarter, with company results to "continuously improve" in the second half of the year, said Pinter. Overall, the company expects revenues of HUF 33.838 billion this year, down from HUF 39.4 billion in 2002. The Raba Axle ...