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Busmaker NABI 9-mo net hit by weak sales

BUDAPEST, Nov 14 (Reuters) - Hungarian busmaker NABI extended its net loss to $11.4 million in the first nine months from $9.97 million in the first half due to a continued weakness in the UK market, the firm said on Friday.

It added that it incurred unexpected costs during the production of the first series of its CompoBus mainly because of technological reasons and additional costs in British production of its Alero bus.

NABI said that in the first nine months of the year bus deliveries fell to 818 units from 970 units a year ago, a decline which could not be offset by rising parts and services revenues.

As a consequence, nine-month sales declined to $218.9 million from $251.3 million a year ago.

NABI said that a cost-cutting programme could not offset a rise in expenses related to the opening of two new production facilities, thus total sales, administrative and general costs jumped to $24.2 million from $21 million a year ago.

On the Budapest Stock Exchange NABI shares remained untraded in the first 40 minutes.

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