In spite of falling revenue, Hungarian printing company Állami Nyomda's net profit rose 9.3% to Ft 1.16 billion in 2007 because of more sales of higher added-value productsFavorable exchange rates and falling costs also factored, the company said in its consolidated IFRS report on Wednesday.
Earnings per share came to Ft 785 in 2007, up from Ft 716 in 2006.
Revenue dropped 5.1% to Ft 13.47 billion because of a big Ft 900 million order in the base period to print ballots and other documents for Hungary's general elections.
Material costs dropped 11% to Ft 7.7 billion and payroll costs inched down 2% to Ft 3.4 billion, boosting operating profit 10% to Ft 1.39 billion.
In a breakdown of revenue, Állami Nyomda said exports sales fell 22% to Ft 1.38 billion, because of an order worth almost Ft 500 million in the base period. Revenue from security products rose 14.4% to Ft 5.43 billion. Takings from the card printing and personal data segment increased 7.2% to Ft 3.25 billion. At the same time revenue from lower added-value form printing and data entry activities dropped 24% to Ft 3.07 billion. Revenue from general printing activities, fell 32%.
Állami Nyomda had consolidated total assets of Ft 6.78 billion on December 31, 2007, down 3.2% from twelve months earlier. (MTI-Econews)