Rába Closes Q1 With Profit of HUF 1 bln
Hungarian automotive industry company Rába booked a first-quarter profit of HUF 1 billion, an earnings report released after the closing bell on Wednesday shows, state news wire MTI writes.
Revenue climbed 53% to HUF 20.3 bln. Domestic sales rose 35% to HUF 5 bln and export sales climbed 60% to HUF 15.3 bln.
Direct costs of sales rose 47.5% to HUF 16.7 bln. Other operating expenses rose 29% to HUF 3.1 bln.
Rába noted that raw material and energy prices, which sky-rocketed in the H2 of 2022, seem to be somewhat more moderate in Q1 2023. The increase in wages, however, remains a substantial burden, it added.
"We continue to dedicate substantial efforts to the implementation of our restructuring, modernization, and capital expenditure plans since we believe that this is the way to ensure the stability and future of the group of companies,” chairman-CEO Béla Hetzmann said.
CAPEX came to HUF 1 bln in Q1.
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