Masterplast H1 profit falls on financial loss
Hungarian building materials maker Masterplastʼs first-half net income fell 18% year-on-year to €1,428,000, dropping on a financial loss, an earnings report released early today shows, according to Hungarian news agency MTI.
Revenues and cost of sales were flat during the period, while a change in inventories lifted operating profit, but a €182,000 financial loss weighed on the bottom line. In the base period, Masterplast booked a €460,000 financial gain. The company noted that its costs are mostly in euros and dollars, while its sales are in local currencies, making it vulnerable to exchange rate changes.
Revenues came to €37,874,000, while cost of sales reached €31,870,000. Operating profit was up 24% at €1,750,000.
In a breakdown of revenues by country, Masterplast said sales in Hungary stagnated, but still accounted for 29% of group turnover. Sales in Romania accounted for 15% of the total, and sales in Serbia for 11%. Sales in Ukraine were up 18%, generating 8% of total turnover.
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