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Rába books HUF 1.3 bln profit

Automotive

Hungarian automotive industry company Rába booked an after-tax profit of HUF 1.3 billion for 2021, improving from a HUF 1 bln loss in 2020, supported by the sale of real estate and a narrower financial loss, according to a release on the website of the Budapest Stock Exchange.

Revenue rose 20% to HUF 46.4 bln. Export sales accounted for HUF 32.9 bln of the total.

The direct cost of sales outpaced revenue growth, climbing 22% to HUF 37.6 bln.

But operating profit jumped to HUF 2 bln from just HUF 200 mln in the base period, supported by the sale of a hotel in the center of Győr (120 km northwest of Budapest) for HUF 1.5 bln.

Rába booked a HUF 200 million financial loss for the year, narrowing from a HUF 900 mln loss in the base period.

Rába's earnings per share came to HUF 94.

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