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Állami Nyomda H1 profit drops 72% as margin narrows

Hungarian printing company Állami Nyomda's first-half net income plunged 72% to HUF 163 million from the same period a year earlier as its margin narrowed, the company's consolidated IFRS report for the period published late Monday shows. Állami Nyomda's revenue rose 11% to HUF 7.92 billion during the period, but direct costs of sales jumped 29% to HUF 6.06 billion, causing gross margin to fall 24% to HUF 1.85 billion. Operating profit was down 65% at HUF 242 million and pre-tax profit dropped 68% to HUF 231 million. Revenue from security products rose 14.5% to HUF 2.73 billion and revenue from printed forms and data processing increased more than 18% to HUF 2.92 billion. Revenue from printing cards with personal data rose about 4% to HUF 1.63 billion. CEO Gábor Zsámboki said the company still planned to close the year with higher profits. (MTI-Econews)