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Állami Nyomda revenue rises, profit drops in Q1

Hungarian printing company Állami Nyomda generated revenue of HUF 3.7 billion (€13.27 million) in the first quarter of 2010, up 19% from Q1 of 2009, the company reported unaudited consolidated IFRS figures on Wednesday evening. Net profits dropped sharply, to one-fourth of a year earlier, in what the company termed a temporary fall due to logistical changes in key segments.

The company noted that it had warned already in Q4 last year that logistical changes carried out will temporarily dampen operating and net profits in the first three quarters of this year. They expect a double-digit rise in revenue for the full year.

Állami Nyomda said that it is attempting to close planned acquisitions during the first half of the year, adding that the company continues to focus on organic growth.

Állami Nyomda attributed the rise in first-quarter revenue to an expansion of document and card production, noting that exports accounted for 15.5% of turnover during the period.

Operating profit was HUF 95 million in the first quarter, down from HUF 277 million a year earlier. EBIDTA fell from HUF 447 million to HUF 260 million in Q1.

The company's shares trade in the A-category at the Budapest Stock Exchange.

EG Capital SA, a company owned by the company's chairman and by the deputy head of the supervisory board, held 24.78% of Állami Nyomda voting rights, and including shares held by Lang asset manager, held 25.84% of the voting rights on March 31. AEGON Magyarország asset manager held a combined 28.81% of voting rights for the various segments of the AEGON insurance group and the Genesis Emerging Markets Opportunities Fund Limited held 6.71% of the votes. (MTI-ECONEWS)