Herend Porcelain Manufactory reports lower profit
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.
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