Revenue edged up half a percent to HUF 8.45 billion, one-tenth of a percentage point more than the direct cost of sales, which was enough to raise operating profit a full one percent to HUF 1.79 bln. 

Domestic sales climbed almost 15% to HUF 2.84 bln, while export sales dropped a little more than 5% to HUF 5.62 bln.

In a summary of Q1-Q3, Raba said low activity on foreign markets has put pressure on prices which “continues to be a challenge to profitability.” Still, it noted that the improved competitiveness of its products had raised the gross margin during the period by 1.3 percentage points to 21.8%.

Rába had total assets of HUF 31.37 bln at the end of Q3, down 9% from the end of last year. Long-term liabilities fell 19% to HUF 2.65 bln.

Chairman-CEO István Pintér noted that Rábaʼs net loans had never been so low and were “well below” the level normal for the industry.

The Hungarian state owns a little under three-quarters of Rábaʼs  shares.