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Expanding markets, changes to product palette put Pannunion in black in 2010

Hungarian packaging company Pannunion had net profit of HUF 448m in 2010 rising over a HUF 28m loss in 2009 because of expanding markets and favourable changes to the product palette, Pannunion said in its report for the period.

Revenue rose 20pc to HUF 14.8bn. Direct cost of sales climbed at a slightly faster rate, rising 23pc to HUF 11.1bn. Gross margin was up 9pc at HUF 3.7bn. Indirect cost of sales came to HUF 2.6bn, nearly level with the year before. EBITDA rose 18pc to HUF 2.1bn and operating profit was up a sharp 52pc at HUF 979m. Pannonunion booked a HUF 493m financial loss in 2010, less than the HUF 637m loss in 2009. Pre-tax profit was HUF 486mas against just HUF 8m a year earlier. In the fourth quarter, Pannunion had net profit of HUF 110m, compared to a HUF 81m loss in the same period a year earlier. Fourth-quarter revenue was up 19pc at HUF 3.8bn. Direct cost of sales rose 26pc to HUF 2.9bn and gross margin was practically flat at HUF 901m. Pannunion had total assets of HUF 12.03bn on December 31, 2010, 7pc more than twelve months earlier. Net assets climbed 14pc to HUF 3.77bn. Long-term liabilities fell almost 20pc to HUF 1.59bn. (MTI)