Rába Q2 profit fall fourfold on rising cost of sales
Hungarian automotive industry company Rába had after-tax profit of HUF 260.9 mln in the second quarter of 2014, down from after-tax profit of HUF 1.06 bln in Q2 of 2013 as the direct cost of sales rose and financial results fell into the red during the period, Rába's consolidated IFRS report for the period published yesterday revealed.
Rába had revenue of HUF 15.03 bln in in the second quarter, up by 22.3% year-on-year. Direct cost of sales was HUF 12.6 bln in Q2, up by 38.9%. The company had net financial losses of HUF 92.8 mln in Q2 of this year, compared to net financial gains of HUF 72.9 mln in Q2 of last year.
Rába had after-tax profit of HUF 244.2 mln in the first half of 2014, compared to after-tax profit of HUF 1.92 bln in H1 of 2013. The company had revenue of HUF 26.9 bln in H1, up by 13.3%. Direct cost of sales was HUF 22 bln during the period, up by 23.1%.
Rába had net financial losses of HUF 467.6m in the first half of 2014, compared to net financial gains of HUF 318 mln in H1 of 2013. The company noted that H1 financial losses included exchange-rate losses of HUF 380 mln and an interest payment of HUF 83 mln. The state of Hungary owns 73.7% of Rába's shares. Rába is an Equities Premium-category issuer at the Budapest Stock Exchange.
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