BUDAPEST, May 20 (Reuters) - Hungarian commercial vehicle maker Raba Rt said on Thursday it signed a three-year $3.5 million deal with Daewoo to become the exclusive axle supplier for the South Korean firm's newly developed trucks.
Raba also signed a deal worth over one million euros ($1.19 million) with Russia's LiAZ to deliver axles and related parts to the Russian busmaker this year.
Raba had previously made axles for South Korea's Hyundai and Daewoo between 1996 and 1999, but deliveries were halted because of the Asian economic crisis.
The Hungarian group posted 2.73 billion forints ($12.88 million) net profit in the first quarter of the year against a 2.07 billion loss in the first quarter of 2003, thanks to one-off financial items. Its sales amounted to 7.3 billion forints.