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Herend profits rise in H1

Operating and pre-tax profit of Herend Porcelánmanufaktúra, one of Hungary's oldest and most famous porcelain makers, rose in the first half from the same period a year earlier and were over the targets in the business plan, CEO Attila Simon told MTI.

The company had revenue of HUF 2.5 billion in January-July, up 11% from the same period a year earlier, Simon said. Exports sales volume -- which account for three-fourths of revenue - was up 6%, he added.

Most of Herend's exports go to the US, Japan, Italy, the UK and countries in the Middle East.

Herend benefitted from the crisis because it took over market share of several smaller competitors that went bust, Simon said. The company also cut costs while keeping product development at the forefront, he added.

“We can spend almost HUF 100 million a year on product development, expanding the product palette - which consists of 16,000 pieces and about 4,000 designs - with 200-300 new Herend products,” Simon said.

Herend plans to continue its stable financial operation in 2011, he said, adding that the company relied entirely on its own resources this year. (MTI – Econews)