Linamar hopes to recoup losses
Auto parts maker Linamar Hungary Rt, formerly known as Mezogép, said it was hoping to recoup most of the losses by the end of the year it suffered when General Motors Corp. halted its Ft 3 billion order in late July this year.
Auto parts maker Linamar Hungary Rt, formerly known as Mezogép, said it was hoping to recoup most of the losses by the end of the year it suffered when General Motors Corp. halted its Ft 3 billion order in late July this year - the order accounted for 15% of Linamar's total sales last year. As a result, the Orosháza-based auto and machinery company is projected to end this year with revenues of Ft 20 billion, down only a modest 2% from 2003. At the same time, Linamar's operating profit is likely to come in at a mere half of last year's, while annual net earnings are estimated at Ft 500 million-Ft 600 million up over last year's Ft 300 million, but below the Ft 600 million-Ft 700 million previous forecast. (Vg 19) S.F.
