Higher sales, lower financial loss lift AutoWallis earnings
First-half after-tax profit of listed auto trader AutoWallis more than doubled to HUF 482 million, from HUF 176 mln in the base period, lifted by higher revenues and a narrower financial loss, an earnings report released early Wednesday shows.
AutoWallis Chairman Zsolt Müllner, CEO Gábor Ormosy, investment head Gábor Székely
Revenue rose 21% to HUF 38.4 billion, according to a report by state news wire MTI. Domestic sales jumped 31% to HUF 18.2 bln, while foreign sales climbed 11% to HUF 16.6 bln. AutoWallisʼs service and rental business generated turnover of HUF 3.7 bln, up 24%.
Operating profit climbed 34% to HUF 847 mln.
AutoWallis booked a HUF 266 mln financial loss in H1, well under the HUF 363 mln loss in the base period.
AutoWallis CEO Gábor Ormosy said the company has so far identified 20 potential acquisition targets.
The brands AutoWallis represents include BMW, Mini, Isuzu, Maserati, SsangYong, Jaguar, Land Rover, and Sixt rent-a-car. The company is listed in the Equities Prime section of the Budapest Stock Exchange (BÉT).
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.