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AutoWallis books H1 loss on narrower margin

Listed car seller AutoWallis had a first-half loss of HUF 773 million as sales margins narrowed, an earnings report released on Monday shows, state news wire MTI reports.

Revenue edged down 1% to HUF 38.15 billion, but the cost of goods sold inched up 2% to HUF 33.77 bln.

Car sales in Hungary were down 1% at HUF 18.08 bln, but car sales abroad rose 1% to HUF 16.78 bln.

Revenue from servicing and vehicle rentals dropped 11% to HUF 3.28 bln. The number of billed service hours fell 5% and the number of car rental contracts plunged 61%.

CEO Gábor Ormosy said the effect of recent acquisitions would show up from the second half of the year.