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Linamar Hungary Q1 revenue jumps 44%

Automotive parts and farm machinery maker Linamar Hungary booked a small profit on revenue of HUF 8.37 billion in the first quarter, up 44% from the same period a year earlier, the company said in its IFRS report for the period published Friday.

Net income fell 24% to HUF 67 million on financing costs. Earnings per share dropped to HUF 8 from HUF 10.

Costs of sales rose at a slower rate than revenue, increasing 42% to HUF 7.53 billion, and lifting gross profit 73% to HUF 840 million.

Operating profit was up 54% at HUF 191 million.

Linamar Hungary booked a HUF 55 million finance cost in Q1. In the base period, the line shows a HUF 14 million gain.

Exports accounted for more than 80% of sales in Q1.

Linamar Hungary had total assets of HUF 25.90 billion on March 31, 2011, up 9% from twelve months earlier. Net assets were practically flat at HUF 18.98 billion.