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Zwack revenue falls, profits steady

Zwack Unicum Rt, Hungary's best-known spirits maker, reported declining revenue but healthy profits from its core activities in its business year ended March 31.

The sale of a Ft 452 million property in Budapest boosted pre-tax profits by 15.1% from the same period a year earlier to Ft 3.32 billion, according to Zwack Unicum's unaudited flash report, prepared with International Financial Reporting Standards (IFRS) and published yesterday. Excluding the effect of the property sale, pre-tax profits rose 3.2% to Ft 2.87 billion during the period. Gross revenue fell 1.8% to Ft 27.08 billion. Excise tax on sales came to Ft 8.3 billion, 3.7% less than a year earlier. Net revenue decreased 0.9% to Ft 18.78 billion.  Export revenue rose 9.2% to Ft 1.08 billion.