Financial gain, other revenue help lift Rába after-tax profit
Hungarian automotive industry company Rábaʼs first-quarter profit after taxation in the current year rose 57.9% year-on-year to HUF 173 million as revenue from operations rose 14.9% to HUF 264 mln, a consolidated IFRS earnings report released late yesterday shows, according to Hungarian news agency MTI.
Profit was helped by financial profit instead of financial losses a year earlier, as well as other net revenue. EBITDA of Rába Group reached HUF 778 mln in Q1 2017 , slightly up from HUF 772 mln a year earlier.
Rábaʼs revenue climbed 9.7% to HUF 10.5 bln and gross profit edged up 6.4% to HUF 2.3 billion as direct cost of sales rose more than revenues: by 10.7%.
Pre-tax profit rose by a sharp 34.4% to HUF 268 mln as Rába registered HUF 4 mln financial profit instead of HUF 30 mln financial loss, and HUF 26 mln net profit from other revenue and expenses instead of a similar loss also helped the bottom line.
Rábaʼs domestic sales increased 13.8% to HUF 3.0 bln, and export sales were up 8.2% at HUF 7.5 bln. The State of Hungary holds 75.02% of Rábaʼs shares.
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