Ajka Kirstaly Wins Government Subsidy

Hungarian crystal manufacturer Ajka Kristaly Kft will receive a government subsidy of HUF 206 million (USD 1.1M) to keep its 726 jobs, it was reported on 11 April 2005. The company may even create between 30 and 40 jobs thanks to the subsidy from the Ministry of Labour, Ajka Kristaly director Zoltan Katzer, said. Ajka Kristaly, which is headquartered in Ajka, western Hungary, made a loss of some HUF 400M (USD 2.1M) for 2004. The company exports nearly all of its output. Ajka Kristaly is a subsidiary of local retail group Fotex Rt, which closed 2004 with a loss of HUF 1.766 billion (USD 9.3M), against a profit of HUF 1.667 billion (USD 8.8M) for 2003, it was reported on 14 February 2005.