Revenue dropped 9% to EUR 34,515,000.
The cost of materials and services declined at a faster rate, dropping 19% to EUR 25,886,000, but payroll costs climbed 14% to EUR 7,059,000, according to a report by news agency MTI.
Financial losses narrowed to EUR 750,000 from EUR 1,427,000.
Masterplast pointed to signs of recovery in the construction market as the improved interest rate environment paved the way for the start of new builds, while European Union energy efficiency schemes were set to boost the renovation segment.
Still, it acknowledged “subdued” demand in the first half of the year as a “wait-and-see attitude” was the norm across Europe. That attitude was more pronounced in Hungary, Masterplast’s biggest market, while sales declines in other countries slowed from the base period and even increased in Poland and Serbia, it added.
A state-subsidized home renovation scheme launched in Hungary in July has “significant business potential” for Masterplast, the company said.
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