text: Cofinec plunges on H1 results . Emese Bartha BUDAPEST 1996-08-30 Shares of France-registered printed packaging company Cofinec S.A. plunged sharply on the Budapest Stock Exchange ( BSE ) on Friday , despite a mostly reassuring forecast by the group . Cofinec 's Global Depositary Receipts ( GDRs ) opened at 5,200 forints on the BSE , down 600 from Thursday 's close , following the release of its first half results this morning . Cofinec CEO Stephen Frater told reporters in a conference call from Vienna on Friday before the opening of the bourse that he expects a stronger second half , although the group will not be able to achieve its annual profit goal . " We will not achieve the full 37 million French franc ( net ) profit forecast , " Frater said . " Obviously , we cannot make up the unexpected decrease that has been experienced in the first half of the year . " Frater declined to give a forecast for the full year , ahead of a supervisory board meeting next week . Cofinec , the first foreign company to list on the Budapest bourse , released its consolidated first half figures ( IAS ) this morning . In the conference call , Frater said he regarded Cofinec GDRs -- which are trading below their issue price of 6,425 forints -- as a buying opportunity . " Obviously , at some point it represents a buying opportunity , " Frater said . " I think the reality is that we operate in emerging markets , emerging markets tend to be more volatile . " " My message is that the fundamental strategy of the company , its fundamental market position has not changed . " The group , which operates in Hungary , Poland and the Czech Republic , reported an operating profit before interest of 21.8 million French francs compared to 34.1 million in the same six months of 1995 . Net profit for the January-June 1996 period was 2.1 million French francs , down from 10.3 million in the first six months of 1995 , with the bulk of this decline attributable to the performance of Petofi , one of its Hungarian units . Cofinec said Petofi general manager Laszlo Sebesvari had submitted his resignation and will be leaving Petofi but will remain on Petofi 's board of directors . " Until a new general manager of Petofi is appointed ... I will in fact move to Kecskemet ( site of Petofi printing house ) for the interim and will serve as acting chief executive officer of Petofi , " Frater said . -- Budapest newsroom ( 36 1 ) 327 4040