Waberer's Q1 earnings fall on narrower margins
First-quarter net income of listed Hungarian hauler Waberer's International fell 36% year-on-year to EUR 1.7 million as margins narrowed, an earnings report published after the closing bell on Thursday shows, according to a report by state news wire MTI.
CEO Zsolt Barna said regulation-driven costs, such as an increase in the minimum wage and changes to tax rules, needed to be managed from the beginning of the year, but will only feed into the prices Waberer's charges "in the upcoming months", as the company indicated in its Q4 report.
Revenue climbed 12% to EUR 158.9 million. The direct cost of sales outpaced that increase, rising 17% to EUR 131.4 mln. Operating profit was practically flat at EUR 4.6 mln.
Barna said Waberer's capacity to generate operating profit could return to the average level in 2021 in the second half of 2022.
He said the war in Ukraine has had "no significant direct impact" on the group, but added that some of its Ukrainian drivers wanted to or had to return home. To ensure sufficient manpower, Waberer's has started recruiting overseas, on a pilot basis, as well as in neighboring countries, he added.
He noted that Waberer's is providing logistics infrastructure to charities working to assist war refugees, and it is housing several Ukrainian families with small children.
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