Zwack Unicum profits flat in Q1

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After-tax profit of Zwack Unicum, Hungary's most famous spirits maker, came to HUF 562 million in the first quarter of its business year started April 1, practically level with the same period a year earlier, the company's IFRS report published late Wednesday shows.

Revenue, excluding excise tax, climbed 4.8% to HUF 3.18 billion. Zwack said retail sale of premium and mid-range products rose, while sales of cheaper products fell.

Export revenue was up 4.6%, but still reached just HUF 280 million. Material costs rose 8.9% to HUF 1.36 billion. Gross margin edged up 1.9% to HUF 1.82 billion. Total Operating costs increased 5.9% to HUF 1.37 billion. Operating profit was down 7.9% at HUF 627 million. Pre-tax profit fell 5.3% to HUF 701 million.

Zwack Unicum had total assets of HUF 15 billion on June 30, down 7% from the same period a year earlier. Net assets inched down 1.5% to HUF 9.48 billion.

Zwack Unicum said the recall of carbonated vodka products in faulty bottles in July would have little effect on the company's results as turnover of the beverages account for only about 1% of total sales.

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