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Linamar H1 profit rises 19% on improved efficiency

Farm machinery and automotive parts maker Linamar Hungary's first-half profit rose 19% to Ft 771 million from the same period a year earlier as efficiency improved.

Revenue rose 11% to Ft 15.9 billion. Cost of sales rose at faster clip, increasing 12% to Ft 13.8 billion, but Linamar cut back “selling expenses” 20% to Ft 320 million and administrative costs 23% to Ft 221 million, the company said in its IFRS report for the period published on Wednesday.

Operating profit rose 19% to Ft 1.1 billion. Pre-tax profit also rose 19% to Ft 1.1 billion.

Linamar's automotive component and precision machining division generated 59% of sales and its farm and general machinery segment accounted for 41%.

Linamar had total assets of Ft 23.6 billion on June 30, 2008, 6% more than twelve months earlier. Net assets rose 11% to Ft 18.5 billion. (MTI – Econews)