Rába bottom line improves on wider margin in Q1-Q3
Hungarian automotive industry company Rábaʼs Q1-Q3 after-tax profit improved to HUF 853 mln from a HUF 254 mln loss in the same period a year earlier as margins improved, according to an earnings report published early this morning.
Rábaʼs revenue fell 3% to HUF 32.9 bln as demand for farm machinery axles, a key component of the companyʼs portfolio, "remained rather passive".
Domestic sales slipped 14% to HUF 11.3 bln, but exports rose more than 4% to HUF 21.6 bln.
Direct cost of sales fell at about twice the rate of revenue to HUF 26.2 bln, lifting gross profit by HUF 13% to HUF 6.8 bln.
Operating profit more than doubled to HUF 1 bln.
The state controls a little over 76% of Rába.
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