Zwack profit falls on higher tax, lower financial income
After-tax profit of Zwack Unicum, Hungary's best known spirits maker, fell 12% to HUF 587 mln in the first half from the same period a year earlier as taxes rose and financial income fell, an earnings report shows.
Sales net of excise tax were flat at HUF 5.6 bln, but material costs dropped 3% to HUF 2.4 bln, raising gross margin by 2% to HUF 3.2 bln. Operating costs rose about 2% to HUF 2.7 bln. Operating profit climbed 12.4% to HUF 762 mln. The bottom line was hit by lower financial profit, just HUF 40 mln, compared to almost HUF 100 mln in the base period, as well as HUF 215 mln in tax, nearly double the amount in the same period a year earlier.
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