Operating revenue rose 3% to HUF 99.2 billion, but cost of raw materials and consumables climbed 4% to HUF 96.4 billion. Total operating costs were up 6% at HUF 105.7 billion, causing operating profit to fall 79% to HUF 6.5 billion.
A HUF 2.2 billion financial loss – growing from a HUF 611 million loss in the base period – also hit the bottom line.
For the full year, TVK booked an HUF 11.2 billion loss, also because of worsening margins and higher financial costs.
Full-year revenue was up 13% at HUF 414.8 billion, but operating costs climbed at a faster rate, increasing 15% to HUF 420.6 billion to give the company a HUF 5.8 billion loss at operating level.
A HUF 5.0 bilion financial loss, up from 2.8 billion in the previous year, also hurt earnings.
TVK had total assets of HUF 209.2 billion on December 31, 2011, down 1% from twelve months earlier. Net assets fell 10% to HUF 123.0 billion.
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