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Rába books operating loss in Q1

Hungarian vehicle and vehicle parts maker Rába made a loss at operating level in the first quarter, but financial gains gave it net profit of HUF 399 million, the company's consolidated IFRS report shows.

Revenue fell 18.4% to HUF 7.98 billion in Q1 compared to the same period a year earlier.

Cost of sales fell at a slower rate, dropping 15.0% to HUF 6.30 billion to drag gross profit down 29.5% to HUF 1.58 billion. Administrative and general costs inched up 2.4% to HUF 1.8 billion.  

Rába booked a small operating loss of HUF 44 million compared to operating profit of HUF 537 million in Q1 2009. But a net financial gain of HUF 661 million lifted the bottom line.

In the same period a year earlier, Rába booked a massive financial loss of HUF 12.79 billion to give it a net loss of HUF 10.37 billion. (MTI - Econews)