Masterplast increases both revenues and profit

MNB

press release

Net income of stock exchange-listed Hungarian building materials maker Masterplast rose 15% to EUR 2.65 million last year, lifted by improved sales and a reduction in the corporate tax rate, an earnings report released late Tuesday shows.

Revenues rose 12% to EUR 89.6 million, state news wire MTI reported, adding that domestic sales accounted for a little more than one-third of turnover.

Costs of materials and services increased 10% to EUR 74.7 mln, while payroll costs jumped 21% to EUR 10.1 mln.

Operating profit climbed 10% to a little over EUR 3.6 mln. Pre-tax profit increased 11% to EUR 2.9 mln, but a reduction in the corporate tax rate from 19% to 9% raised after-tax profit by 17% to over EUR 2.7 mln.

Masterplast said it expects the construction industry environment to continue to improve "for the next few years," which, combined with the groupʼs manufacturing and operating efficiency, "might ensure achieving the targets set out in its strategic plans."

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