Hungarian food maker reports profit increase

Hungarian canned food maker Globus on Monday posted a pre-tax profit of 327.6 million forints ($1.15 million) in the first five months, compared with a loss of 677.2 million in January-May 2000. In the official bourse gazette Globus said that its net sales revenues increased by 13.1 per cent to 7.953 billion forints from 7.028 billion in the same period last year, according to unaudited data calculated in line with Hungarian accounting standards. "The end-May figures of the Globus group show a very favourable picture of the group's market performance and results,"​ the group said in a statement. It said the improvement was due to a rise in sales, especially in the market for canned meat, and a reduction in direct costs of sales.It said that thanks to cost-cutting efforts, its direct costs increased by only 1.2 per cent year-on-year, while net sales revenues were up by more than 13 per cent. Source: Reuters