BUDAPEST, Feb 14 (Reuters) - Hungarian busmaker NABI swung to a $16.5 million loss in 2003 from a$7.09 million profit in 2002 due to low sales and high provisions, the company said on Saturday.
Earlier this week NABI issued a profit warning that its 2003 loss would be well above analysts consensus of $12.3 million.
"In the fourth quarter the company delivered 331 buses, returning to the planned production level, but could not make up for the year's arrears," NABI said in its earnings report.
Bus deliveries fell to 1,149 units in 2003 from 1,375 in 2002, leading to a decline in sales to an 11.2 percent decline in sales to $320 million from $360.6 million.
The bulk of the decline was due to lower U.S. sales that dropped to 688 units from 840 units in 2002.
NABI added that high production costs for two new bus types, provisions for warranty repairs and hig running costs at their Kaposvar plant further worsened the result.
The company said that at the end of September it had orders for over 3,300 buses but did not give any forecast on its performance this year.
On the Budapest Stock Exchange NABI shares closed at 1,215 forints on Friday, down 55 forints or 4.33 percent.