Herend Porcelain Manufactory reports lower profit

Telco

Hungaryʼs Herend Porcelain Manufactory had pre-tax profit of almost HUF 300 million on revenues of more than HUF 4.7 billion last year, according to CEO Attila Simon. The companyʼs domestic sales rose almost 7% last year.

Profit fell compared to earnings in 2016, when revenues were the same, but pre-tax profit was HUF 662 mln, national news agency MTI reported.

Capital expenditures, including those extending into 2018, came to more than HUF 600 mln. Among the biggest investments is the companyʼs 500 square-meter showroom, the Herend Porcelain Palace, under construction in the capital. All of last yearʼs investments were covered by Herendʼs own resources, Simon said.

Wages of Herendʼs 750 staff were raised 15% last year, lifting payroll costs by some HUF 300 mln. Herend will bring 32 new porcelain forms with 211 different variations to this yearʼs Ambiente consumer goods trade fair in Frankfurt, which opens on Friday, Simon said.

ADVERTISEMENT

PMI rises to 57 in June Analysis

PMI rises to 57 in June

Lawmakers postpone expanded data provision for tourism secto... Parliament

Lawmakers postpone expanded data provision for tourism secto...

MNB and Budapest Institute of Banking executive director Ger... Podcasts

MNB and Budapest Institute of Banking executive director Ger...

FINA head thanks Hungary for hosting 2022 worlds City

FINA head thanks Hungary for hosting 2022 worlds

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.