Hungarian vehicle and vehicle parts maker Rába had net income of HUF 1.72 billion in the fourth quarter of last year, a big improvement from a HUF 283 million loss in the base period as revenue rose and margins improved, the company's consolidated IFRS report for the period published late Tuesday shows.
Net revenue from sales climbed 26% to HUF 12.94billion. Direct costs of sales rose at a slower rate, increasing 20% to HUF 9.4billion and lifting gross profit by 45% to HUF 3.54 billion.
Operating profit nearly tripled to HUF 1.71 billion.
Rába booked negative HUF 171 million in corporate profit tax for the quarter, compared to a HUF 751 million payment in the base period.
For the full year, Rába had net income of HUF 465 million, compared to a loss of HUF 859 million in 2010.
Full-year revenue was up 10% at HUF 39.32 billion. Cost of sales climbed at a slightly faster clip, rising 12% to HUF 31.31billion. Gross profit was up 3% at HUF 8.01 billion.
Rába booked HUF 1.51 billion on the "other revenue" line, up 42%. "Other expenditures" were down 19% at HUF 613 million.
Rába noted it sold a property in Győr to German carmaker Audi for HUF 917 million in June.
Operating profit was up 91% at HUF 1.64 billion.
Rába's revenue from exports was up 22% at HUF 25.4 billion. Domestic sales fell 7% to HUF 13.89 billion.