Waberer's Q3 Earnings Fall
Third-quarter net income of listed Hungarian hauler Waberer's International fell 87% year-on-year to half a million euros as costs rose and revenue was flat, state news wire MTI writes, citing an earnings report released on Monday.
Revenue was unchanged at EUR 174.6 million, while direct costs rose 5% to EUR 157.2 mln
Waberer's said an unrealized FX loss of EUR 3.4 mln weighed on the bottom line as the forint weakened to the euro.
Revenue was impacted by a decline in demand in some industries due to general consumer trends in Hungary and Europe as well as "more concentrated" summer shutdowns at factories, it added.
Chairman-CEO Zsolt Barna said the company had continued to lay "the foundations for long-term growth" during the quarter, signing a contract on a regional acquisition and entering the due diligence phase for a rail logistics acquisition. Waberer's made further progress on building a new warehouse, its biggest yet, and working on automotive tenders that could have a "significant impact" on consolidated results moving forward, he added.
Waberer's affirmed guidance for a full-year operating profit of over EUR 40 mln.
Operating profit for Q1-Q3 came to EUR 33.4 mln.
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