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AAA Auto profits climb as market improves

Prague-based used car seller AAA Auto’s net profit climbed 53% to €5.2m in Q1-Q3 from the same period a year as the market improved, the company said in its consolidated report published Wednesday.

Revenue rose 35% to €201.5m during the period on a “substantially stronger” retail used car market.

AAA Auto sold 33,881 cars in Q1-Q3, 14% more than in the base period.

Gross profit on sales was up 29% at €48.0m.

EBITDA increased 47% to €13.2m.

AAA Auto had total assets of €83.4m on September 30, down about 7% from twelve months earlier. Net assets were up 62% at €21.7m.

The company’s debt-to-equity ratio fell to 178% from 299% during the twelve-month period.

AAA Auto decided in 2010 to temporarily shut down the company’s operations in Hungary because of the worsening economic situation and low demand. In in its H1 report published in August, AAA Auto said it is "analyzing the possibility of re-establishing its commercial operations in Hungary in 2012 and is currently monitoring the local market situation".