Listed company AutoWallis has managed to increase its revenue by 10% to HUF 20.2 billion in the first quarter of 2020, according to a press release sent to the Budapest Business Journal.
The revenue of the AutoWallisʼ Domestic Distribution Business Unit of AutoWallis increased by 21% to HUF 9.2 bln, that of the International Distribution Business Unit by 1% to HUF 9.1 bln, and that of the Automotive Services Business Unit (including after-sales services and car rentals by 13% to HUF 1.8 bln.
The total consolidated revenue of the three business units increased by 10% to HUF 20.2 bln in the first three months of the year.
AutoWallis notes that while the coronavirus pandemic had a significant negative effect on the European new passenger car market in the first quarter, shrinking it by some 26.3%, the setback on the Hungarian market was more moderate at -4.9%.
The companyʼs CEO Gábor Ormosy emphasized that although the operation of AutoWallis is not independent of the European automotive market, the actual region of operation of the group is CEE and the Balkan region, where it mostly distributes premium vehicles, while also providing related automotive services.
He pointed out that although the pandemic has a short-term adverse effect on the economic operators of the market in general, the numbers of the above-mentioned regions and the premium segment may be permanently better than the overall indicators of the EU or the global automotive market.
The press release notes that the Q1 results of AutoWallis were impaired by one-time items. Assets of a total registered value of HUF 250 million were unlawfully removed from the site of two subsidiaries of the group, HUF 158 mln of which concerned the first quarter. In addition, on the last day of the quarter, there was a financially unrealized foreign exchange revaluation difference of HUF 581 million, the company says.
Without these one-time negative items, AutoWallisʼ EBITDA would have increased by 23% to HUF 667 mln, while the full overall result by 35% to HUF 156 mln, while with the one-time, temporary items the EBITDA was HUF 509 mln, and the total overall result HUF -582 mln.