Zwack profit falls on higher payroll, marketing costs
After-tax profit of Zwack Unicum, Hungaryʼs best-known spirits maker, fell 21% year-on-year to HUF 422 million in the first quarter of its business year starting April 1, state news wire MTI reported.
The Zwack earnings report, released after the closing bell on the Budapest Stock Exchange Thursday, shows direct costs of sales climbing just a little under 1% to HUF 1.28 billion, lifting gross profit 4% to HUF 1.96 bln. The after-tax profit decline, however, was more than 20% year-on-year due to employee pay rises and benefits and higher marketing costs.
Payroll costs jumped 17% on a 6% pay rise and a bonus equivalent to two weeksʼ pay. Other operating expenses climbed 11% to HUF 668 mln because of higher marketing costs, Zwack said.
Zwackʼs revenues, net of taxes, rose almost 3% to HUF 3.24 bln in its first quarter.
Avg Hourly Pay Rate for Blue-collar Workers Climbs 16% in Q1
Bulgaria's Household Income, Spending Rise 20% in 2023
Job Fair and Career Prep at Corvinus Starts Tomorrow
Spago Budapest Offering Unique Sunday Brunch Experience
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
