Waberer's books Q3 net income over EUR 3 mln

Transport

Listed Hungarian haulier Waberer's had third-quarter recurring net income of EUR 3.3 million improving from a EUR 1.1 mln loss in the base period as a turnaround at the business continued, an earnings report released after the closing bell on Friday shows.

Revenue climbed 7.9% to EUR 147.8 million. The direct cost of sales rose at a slightly slower clip, increasing 7.3% to EUR 116.5 mln. Operating profit reached EUR 6.6 mln, rising from EUR 1.2 mln in the base period.

"We have managed to stabilize the group level profitability," CEO Barna Erdélyi said, although noting "more and more risks emerging from increasingly diverse directions that affect the entire logistics industry".

"We consider the effects of these risks to be difficult to predict in the coming months," he added.

Waberer's net leverage ratio, as a multiple of recurring EBITDA, fell to 1.6 at the end of September from 2.9 a year earlier.

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