Lower revenue, narrower margins put Rába in the red in Q3
Hungarian automotive industry company Rába saw a HUF 498 mln loss in the third quarter due to a sharp revenue fall and narrowing margins, an earnings report published today reveals. The company booked an after-tax profit of HUF 49 mln in the base period.
Rába's Q3 revenue fell by 36%, down to HUF 7.03 bln in a year-on-year comparison while, direct cost of sales declined at a slower rate, falling by 31% to HUF 5.93 bln.The company suffered a HUF 457 mln loss at operating level.
In Q1-Q3, the company booked a loss of HUF 254 mln, with the revenue falling by more than 2% to HUF 33.90 bln, however direct cost of sales rose over 5% to HUF 27.91 bln. Operating profit came to HUF 452 mln, but a HUF 442 mln financial loss and taxes pushed the company into the red. The state of Hungary holds a little less than 74% of Rába's shares.
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