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Csepel Holding books small profit as revenue growth outpaces higher costs

Hungary's Csepel Holding had net profit of HUF 23 million in 2009, compared to a HUF 58 million loss in the previous year, as revenue rose slightly faster than costs, the company's audited, consolidated, IFRS report published late Wednesday shows.

Revenue climbed 5% to HUF 1.313 billion, but cost of sales rose just 3.5% to HUF 1.055 billion.

Gross margin rose 13% to HUF 258 million to give the company an operating profit of HUF 45 million, compared to a HUF 47m loss in the previous year.

Csepel Holding had total assets of HUF 1.328 billion on December 31, 2009, 63% more than twelve months earlier. Net assets climbed 25% to HUF 114 million. (MTI-Econews)