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Lower financial gain drags Rába Q3 profit down more than 50%

Hungarian vehicle and vehicle parts maker Rába had net income of HUF 391 million in Q3, down 52% from the same period a year earlier as financial income fell, the company's consolidated IFRS report shows.

Revenue climbed 9% to HUF 7.77 billion but was low compared to other quarters because of seasonality, Rába said. Direct cost of sales inched up a little more than 1%, lifting gross profit almost 57% to HUF 1.58 billion. Other costs climbed 15% to HUF 1.7 billion. Operating profit was up 70% at HUF 147 million.

Rába booked an HUF 830 million financial gain during the period, well under the HUF 1.77 billion gain in the same period a year earlier.

Rába had a loss of HUF 576m in Q1-Q3, an improvement over losses of HUF 1.55 billion in the same period a year earlier. Revenue was practically flat at HUF 25.48 billion. Domestic sales rose 10% to HUF 11.29 billion, but export sales were down 6% at HUF 14.19 billion. Costs inched down 2% to HUF 20.17 billion, lifting gross margin more than 11% to HUF 5.31 billion. Other costs, however, climbed 7% to HUF 5.05 billion.

A HUF 288 million financial loss also hit the bottom line.

Rába had total assets of HUF 31.95 billion on September 30, 2010, down about 2% from the end of 2009. Net assets were down 5% at HUF 10.17 billion. (MTI – Econews)