Masterplast Q1 profit rises on financial gain
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.
ADVERTISEMENT
KSH Dismisses Reports of Eurostat 'Investigation'
Hungarian-American Business Chamber Established in Chicago
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.
