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Masterplast Q1-Q3 profits rise on improved margin

Hungarian building materials company Masterplast’s net income climbed 136% to €2.3m in Q1-Q3 from the same period a year earlier as sales margins widened, the company’s consolidated IFRS report published early Tuesday shows.

Revenue fell 5% to €64.2m during the period, but direct cost of sales dropped 9% to €50.6m, lifting Operating profit by 40% to €3.8m.

In a breakdown of revenue by country, Masterplast said sales in Hungary edged down 2% to €16.9m. Sales in Romania fell 14%, also to €16.9m, and sales in Serbia were down 5% at €7.2m. Sales in Ukraine were up 56% at €5.7m.

Masterplast had total assets of €57.6m on September 30, down 6% from twelve months earlier. Net assets were unchanged at €4.0m.

Masterplast shares were floated on the Budapest Stock Exchange at the end of November.

Masterplast hopes to tap the market for capital in the first half of 2012, depending on market conditions, the company said earlier. It wants to use the fresh capital to expand production capacity, it added.

Masterplast, established in 1997, has units in 13 countries. It had consolidated revenue of €84.7m in 2010. After-tax profit came to €160,000.