(Adds more from statement, analyst comment, share price)
BUDAPEST, Nov 22 (Reuters) - Hungarian bus maker North American Bus Industries (NABI) announced on Friday that it had won a $111 million order for buses to be delivered to the transport company of the city of San Diego, California.
NABI said on the Budapest bourse website (www.bet.hu) that the initial order was for 111 low-floor buses powered by compressed natural gas (CNG) to be delivered in 2003 and 2004, with an option for a further 186 buses which can be drawn upon after 2004.
NABI said the total value of the contract was almost $111.5 million.
"As the delivery is to take place in 2003 and 2004, I do not expect a sudden upswing in revenues, especially in the short-run, and the share price is also unlikely to rocket," Zoltan Kevi, analyst at Raiffeisen Securities told Reuters.
"The new order is definitely positive news but I don't expect miracles from it," Kevi added.
Shortly after the start of the session on Friday on the Budapest Stock Exchange NABI shares traded 2.94 percent higher at 3,500 forints, while the bourse's index BUX was up 0.56 percent at 7,872.63 points.
In January-September NABI posted a net profit of $4.72 million, up 10.75 percent from the same period of 2001, and booked net sales of $251.26 million against $235.28 million a year ago.