Hungarian clothing manufacturer Styl Rt on Thursday cited a slump in demand for its decision to axe 250 jobs in the fiscal fourth quarter.

The maker of upper garments is based in the west of the country and employs around 1,400 people in three different cities.

Styl recently posted an unexpected first half net loss of $612,000 which it blamed on a steep appreciation of the forint as it exports around 75 per cent of its production.