Masterplast income up 28% y.o.y.

Construction

Second-quarter net income of listed building materials maker Masterplast rose 28% year-on-year to EUR 8.197 million, lifted by financial profit, according to an earnings report released on the website of the Budapest Stock Exchange yesterday.

Revenue edged up 1% to EUR 57.597 mln, as sales volume and prices rose, but costs climbed in the double digits, reducing operating profit by 5% to EUR 7.047 mln.

The bottom line was supported by a EUR 2.096 mln financial gain, improving from a EUR 437,000 financial loss in the base period.

As purchases are made in euros or dollars and sales are generated in local currencies, exchange rate fluctuations can have a "remarkable effect" on financial results, Masterplast pointed out.

Masterplast noted that sales of thermal insulation jumped 47% to EUR 30.930 mln as the deepening energy crisis "reshapes preferences" on the market. It also acknowledged the impact on the demand of government subsidies to support the achievement of energy efficiency targets.

Sales of industrial applications, which includes Masterplast's high-margin healthcare products business, fell 58% to EUR 7.231 mln, albeit from a high pandemic base.

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