Rába profit climbs 14% in 2017
Hungarian automotive industry holding Rábaʼs after-tax profit climbed 14% to HUF 1.57 billion last year, boosted by higher revenues, a decline in administrative costs and the lower corporate tax rate, an earnings report released late Wednesday shows.
Revenues rose by 3% to HUF 43.84 bln in 2017, according to a summary by state news wire MTI. Domestic sales fell 6% to HUF 15.23 bln, but export sales were up 8% at HUF 28.61 bln.
Direct costs of sales rose faster than revenues, climbing 4% to HUF 34.58 bln, but general and administration costs fell 5% to HUF 6.48 bln, lifting operating profit 7% to HUF 2.15 bln.
Pre-tax profit increased by 3% to HUF 2.05 bln.
Raba had total assets of HUF 36.42 bln at the end of the year, up 9% from twelve months earlier. Long-term liabilities jumped 90% to HUF 4.62 bln.
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