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Masterplast net income rises to €1.3 mln as margins improve

Hungarian building materials company Masterplast's net income climbed to €1.325 million in 2011 from €355,000 in the previous year as margins improved and financial losses narrowed, Masterplast's consolidated IFRS report for the period published Monday shows.

Revenue edged down 3% to €82.389 million, but direct cost of sales dropped at a faster rate, falling 5% to €66.902 million. EBITDA rose 35% to €5.412 million and operating profit was up 50% at €3.285 million.

The company booked a €1.393 million financial loss in 2011, under the €1.915 million loss posted a year earlier.

Masterplast had total assets of €48.261 million on December 31, 2011, down 10% from twelve months earlier. Net assets were flat at €17.292 million.