AAA Auto H1 profits zoom on rising revenue

Telco

Rising revenue lifted Prague-based used car seller AAA Auto's first-half net profit 38% to €3.2 million from the same period a year earlier, the company said in its IFRS report early Friday.

AAA Auto, which is listed on the Budapest Stock Exchange, had revenue of €130 million in H1, up 42% from the base period.

Revenue from car sales was up 44% at €111.5 million. Cost of goods sold climbed 46% to €99.6 million. Gross profit was up 29% at €30.4 million. EBITDA increased 21% to €7.4 million. Operating profit rose 13% to €5.8 million.

AAA Auto had total equity of €87.7 million on June 30, up 3% from twelve months earlier. Net assets jumped 62% to €17.8 million.

AAA Auto decided in 2010 to temporarily shut down the company's operations in Hungary because of the worsening economic situation and low demand. In the report published Friday, AAA Auto said it is "analyzing the possibility of re-establishing its commercial operations in Hungary in 2012 and is currently monitoring the local market situation".

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