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Higher revenues lift Rába Q1 profit

Hungarian automotive industry company Rábaʼs first-quarter after-tax profit more than doubled to HUF 396 million, up from HUF 173 mln in the base period as revenues climbed, an earnings report released late Wednesday shows.

Revenues were up 18% at HUF 12.4 billion, state news wire MTI reported. Domestic sales rose 28% to HUF 3.9 bln, while export sales increased 14% to HUF 8.5 bln.

Gross profit rose 20% to HUF 2.8 bln. Operating profit was up 108% at HUF 550 mln.

"This business year has started out strongly for Rába; our operation has been characterized by outstanding sales growth and efficiency," Chairman-CEO István Pintér commented in the report. "The surge in the key European markets, together with our solid financial background, significantly facilitates the expansion of our opportunities to business projects either on our own initiative, or in co-operation with our partners," he added.

Rába had total assets of HUF 38.0 bln at the end of March, up 4% from twelve months earlier, its balance sheet shows. Long-term loans edged down 3% to HUF 4.2 bln.

Rába is listed on the Equities Prime section of the Budapest Stock Exchange (BÉT).