Rába Profit Falls on Slimmer Margins, Financial Loss
Hungarian automotive industry company Raba's after-tax profit fell 51% to HUF 0.6 billion last year, an earnings report published after the closing bell on Wednesday shows.
Revenue climbed 39% to HUF 64.3 bln. Export revenue was up 42% at HUF 46.6 bln.
The direct cost of sales increased 40% to HUF 53.1 bln and gross profit rose 32% to HUF 11.2 bln.
A financial loss of HUF 1.1 bln, well over the HUF 0.2 bln loss in the base period, weighed on the bottom line.
The state of Hungary holds a controlling stake in Rába.
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