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Állami Nyomda Q1 profit jumps as revenue climbs, margins widen

Hungarian printing company Állami Nyomda's first-quarter net income jumped 263% to HUF 224 million from the same period a year earlier as revenue rose and margins widened, Állami Nyomda's consolidated IFRS report published Thursday shows.

Revenue rose 20.2% to HUF 4.46 billion. Direct cost of sales increased just 6.1% to HUF 2.99 billion, lifting gross margin 64.5% to HUF 1.47 billion.

Operating profit increased 187.4% to HUF 272 million.

Revenue from security products climbed 46.8% to HUF 1.76 billion. Revenue from printing personal identification cards rose 22.7% to HUF 898 million. Revenue from printing forms with personal data and data processing fell 5.6% to HUF 1.48 billion. Revenue from conventional printing orders came to HUF 127 million, up 32.3%.

Állami Nyomda had total assets of HUF 10.63 billion on March 31, 2011, up 2.9% from the end of 2010. Net assets rose 6.1% in three months to HUF 6.44 billion. Long-term liabilities were up 5.8% at HUF 415 million.