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Linamar Hungary profits plunge nearly a third

Automotive parts and farm machinery maker Linamar Hungary's Q1-Q3 net income fell 31.6% from the same period a year earlier as revenue dropped sharply, the company's consolidated IFRS report for the period published late Monday shows.

Basic and diluted earnings per share for the period came to HUF 100, down from HUF 146 in the same period a year earlier.

Revenue fell 26.4% to HUF 18.58 billion. Direct cost of sales slipped 24.6%. Gross profit was down 38.9% at HUF 1.97 billion.

Operating profit dipped 44.3% to HUF 964 million.

Linamar Hungary's bottom line was helped by a HUF 135 million financial gain, well over the HUF 27 million gain in the same period a year earlier.

In Q3 alone, net income fell by 22.5% yr/yr to HUF 372 million as a sharp rise in financial profits offset part of a steep, more than 50% all of operating profits, to HUF 300 million. Sales dropped 38.8% to HUF 636 million in Q3.

Linamar Hungary had total assets of HUF 23.66 billion on September 30, 2009, 2.1% less than twelve months earlier. Net assets rose 1.7% to HUF 19.34 billion. Long-term liabilities jumped to HUF 369 million from HUF 73 million. (MTI-ECONEWS)