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ANY Security Printing profit down on falling sales, rising tax and forex loss

Telco

ANY Security Printing Company’s net profit fell 9% to HUF 238 mln in the first quarter of this year from HUF 262 mln a year ago, according to the company’s consolidated, unaudited comprehensive income statement submitted to IFRS and revealed on Friday, May 8. 

Cost of sales decreased 14.5% to HUF 3.4 bln, but net sales also fell 11.2% to HUF 4.96 bln. An extraordinarily large gain on the sale of fixed assets, a near doubling of interest income, and an operating income rise of 6.8% to HUF 368 mln was also offset by a 28.3% rise in tax expenses and losses on foreign exchange.

Last year, ANY Security Printing’s net income rose 42.8% to HUF 1.02 bln on higher revenue and improved margins. Last month shareholders approved the payment of a HUF 73-per-share dividend. The total dividend voted is HUF 1.08 bln from last year’s after-tax profit of HUF 989 mln topped up with HUF 91 mln from retained earnings. ANY Security Printing is a Prime category issuer on the Budapest Stock Exchange.

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