Hungarian Papai Hus 1913 forecasts revenue increase this year
2010-08-31
The Hungarian meat producer Papai Hus1913 expects its revenue to increase by 11-12% year on year and amount to around HUF 19bn (€66.86m) in 2010.
The company’s CEO explained that Papai Hus 1913 had recorded better-than-anticipated results for the first half of 2010 and expects the company to record a profit this year, despite having to pay interest on a HUF 5.5bn (€19.1m) loan granted to the company by the Hungarian Development Bank.
The company took the loan out back in February 2009 in order to fund the acquisition of assets previously belonging to the now-bankrupt Papai Hus, the predecessor of Papai Hus 1913.
The company expects revenues from domestic sales to amount to HUF 15bn (€52.1m) this year, with a further HUF 4bn (€13.9m) to be derived from exports to the United States, Japan, Russia, Romania, Bulgaria, South Korea and Dubai.
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