Lower costs raise Rabaʼs Q2 profit
Hungarian automotive industry company Rabaʼs second-quarter after-tax profit reached HUF 317 mln, a 21.7% rise compared to the same period last year, according to an earnings report published yesterday, Hungarian news agency MTI reported.
Rabaʼs consolidated IFRS operating profit increased 60.2% to HUF 744 mln.
Despite lower revenue, net profit increased due to lower fixed production costs, the falling price of steel and energy and a favorable change in the USD-HUF exchange rate, which lifted export earnings.
Revenue fell 29.4% to HUF 10.6 bln. Domestic sales slumped by 66% to HUF 2.6 bln, while export sales were up 9% at HUF 7.9 bln.
Direct cost of sales fell 36.6% to HUF 8 bln.
A HUF 309 mln financial loss in the second quarter compared to a HUF 92 mln loss a year earlier dragged down earnings.
Raba had total assets of HUF 33.3 bln at the end of the quarter, down 8% from the end of last year. Net assets rose 6.8% to HUF 16.1 bln. Long-term liabilities were down 23% at HUF 5.2 bln.
The state owns a 76% stake in Raba.
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