Tax Changes Send Zwack Q2 Profits Soaring
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Zwack's revenue and profit soared in the April-June quarter due to a drastic increase in domestic sales as a result of the tax changes that came into effect on July 1, according to quarterly results posted on the website of the Budapest Stock Exchange.
The increase in the excise tax on alcoholic beverages resulted in early purchases, mainly because the company raised prices, which they justified by the increase in the prices of raw materials in addition to the tax increase.
Zwack expects a significant drop in consumption in the second half of the year as a result of the advance purchases and the continuously deteriorating purchasing power due to the inflationary environment, but the management considers the annual profit target to be maintainable, especially since the company has already met more than half of it in a single quarter.
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