Raba Q1 profit up following financial gain
Hungarian manufacturer and distributor of automotive components Raba had a first-quarter after-tax profit of HUF 709 mln after reaching the base period just under break-even, an earnings report published Thursday shows, according to state news agency MTI.
Rabaʼs consolidated IFRS operating profit fell 9% to HUF 403 mln while its margin narrowed, but a HUF 456 mln financial gain increased the bottom line. Raba reported a HUF 375 mln financial loss in the base period.
Revenue climbed 18% to HUF 13.9 bln. Domestic sales jumped 78% to HUF 6.2 bln, and exports inched down 8% to HUF 7.7 bln.
Direct cost of sales increased 23% to HUF 11.5 bln, outpacing revenue growth.
Raba had total assets of HUF 33.4 bln at the end of the quarter, down 8% from the end of last year. Net assets rose 5% to HUF 15.8 bln while long-term liabilities decreased 11% to HUF 6.0 bln.
The state currently owns a 76% stake in Raba.
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