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Masterplast Q1 profit rises on financial gain

Telco

Hungarian building materials manufacturer Masterplast had first-quarter after-tax profit of €900,000, improving from a net loss of €630,000 in the base period on a big financial gain, the companyʼs consolidated IFRS report published yesterday reveals. Masterplast booked €1.1 mln in revenue – most of it unrealized – from financial transactions, mainly on hedges for USD-based purchases and the stronger forint.

Overall, financial profit reached almost €1 mln, compared to a more than €600,000 loss in the base period. To avoid further losses on the Ukrainian currencyʼs depreciation, Masterplast borrowed the equivalent of $1.2 mln in UAH at the end of 2014, which was used to reduce FX debt in Q1, it noted. Sales revenue edged up 1% to €14.9 mln.

Sales in Croatia, Ukraine, Slovakia and Poland fell between 9% and 17%, but the decline was offset by 14% growth in Hungary and a 9% increase in Romania. Cost of sales was almost flat at €12.7 mln. Payroll costs edged down 2% to €1.9 mln. Headcount was little changed at 629. EBITDA doubled to a little more than €400,000, largely because of changes to inventories.

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