Prague-based used car seller AAA Auto’s first-quarter after-tax profit rose 45% to €690,000 from the same period a year earlier as sales jumped, the company said in its consolidated IFRS report published late Thursday.
Revenue climbed 61% to €63.3 million during the period. Car sales were up 67% at €49.8 million.
AAA Auto said in April it sold 11,051 vehicles in Q1, 37% more than in the same period a year earlier.
AAA Auto’s report shows payroll costs were up 72% at €6.2 million.
Pre-tax profit rose 18% to €1.3 million.
AAA Auto had total assets of €15.1 million on March 31, 2011, up 4.5% from the end of 2010.
AAA Auto’s board decided in March to wait for the retail car segment in Hungary to stabilize before it considers re-entering the market.
The board decided a year earlier to temporarily shut down the company’s operations in Hungary because of the worsening economic situation and low demand.
AAA Auto said at the time it did not intend to delist its shares from the Budapest Stock Exchange and planned to come back to the Hungarian market in two to three years when the economy recovers.
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