Rába Q1 profit jumps on rising export revenue
Hungarian automotive industry company Rába had net profit of HUF 859.97 million in the first quarter, up from net profit of HUF 33.89 million in Q1 last year due to rising export revenue, the company announced in its consolidated IFRS report for the period on Wednesday. Total revenue of HUF 11.43 billion was up 16.3%. The company had export revenue of HUF 8.79 billion, up 22.8%, and domestic revenue of HUF 2.64 billion, down 0.9%. Direct cost of sales was HUF 8.74 billion, up 10.5%. Rába had total assets of HUF 34.9 billion on March 31, 2012, up 0.9%. Hungary's government purchased a 73.7% share in Rába last spring. A representative from the governing Fidesz party submitted a bill of amendment to the National Assembly on Monday that would place Rába on a list of companies in which the government intends to retain a majority stake over the long-term.
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