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Kartonpack posts 22% profit growth in H1

Packaging-materials company Kartonpack recorded after-tax profit of HUF 75.9 million in the first half of 2010, up 22% from the same period of last year, unuadited unconsolidated Hungarian accounting standard figures published by the company on the Budapest Stock Exchange website show.

Operating profit rose 13% to HUF 85.8 million, and the company recorded HUF 4.2 million financial profit instead of HUF 3.3 million financial losses a year earlier. Pre-tax profit totalled HUF 90 million, also 22% more than in the first half of 2009.

Net sales revenue totalled HUF 782.5 million in the first six months of 2010, up 9% yr/yr. Domestic sales revenue rose 14% to HUF 706.40 million, while exports declined 24% to HUF 76.05 million.

Material costs rose 16% to HUF 470 million in H1 and personnel costs fell 1% to HUF 190 million.

Total assets fell 8% on revaluation losses on financial investments to HUF 1.61 billion. Shareholders' equity fell 10% in twelve months to HUF 1.12 billion at the end of June 2010. (MTI-ECONEWS)