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Linamar net income falls 37.3%

Farm machinery and automotive- parts company Linamar Hungary generated net income of HUF 483.3 million (€1.8 million) in the first half of 2009, down 37.3% from HUF 771 million in H1 of 2008 as sales decreased 19.2% to HUF 12.9 billion in the first half of 2009 compared to HUF 15.9 billion in H1 of 2008, Linamar reported in its unconsolidated, unaudited IFRS report for the period on Thursday morning.

Net income was HUF 101.32 million in the second quarter of 2009, down 78.2% from HUF 463.9 million in Q2 of 2008.

Export sales of automotive components and precision machining was HUF 5.4 billion in first half of 2009, compared to HUF 6.7 billion in H1 of 2008, while export sales of agricultural equipment and general machinery was HUF 5.7 billion in the first half of 2009, compared to HUF 6.2 billion in H1 of 2008.

Total export sales were HUF 11.1 billion in first half of 2009, compared to HUF 12.9 billion in H1 2008.

Domestic sales were HUF 1.7 billion in the first half of 2009, compared to HUF 3.01 billion in H1 of 2008.

The cost of sales increased to 89.6% of total sales in the first half of 2009 from 86.5% of total sales in H1 of 2008 as a result of increasing public utility costs, the increasing cost of new projects and unfavorable changes to the product mix.

Gross profit was HUF 721.3 million in the second quarter of 2009, down 44.5% from HUF 1.3 billion in Q1 of 2008. Gross profit was HUF 1.2 billion in first half of 2009, down 37.9% from HUF 2.2 billion in H1 of 2008.

EPS was HUF 12 in the second quarter of 2009, compared to HUF 54 in Q2 of 2008. EPS was HUF 56 in the first half of 2009, compared to HUF 90 in H1 of 2008.

Operating profit was HUF 201.4 million in the second quarter of 2009, down 69.5% from HUF 660.4 million in Q2 of 2008. Operating profit was HUF 663.6 million in the first half of 2009, down 38.8% from HUF 1.08 billion in H1 of 2008.

Exchange loss on financial operations was HUF 25 million in the first half of 2009 compared to exchange gain of HUF 1.8 million in H1 of 2008.

Total assets were HUF 23.4 billion at end of the first half of 2009 compared to HUF 23.6 billion at end of H1 in 2008.

Total liabilities were HUF 4.5 billion at end of first half of 2009, down 11.9% from HUF 5.01 billion at end of H1 of 2008. (MTI-ECONEWS)