Masterplast Q2 profit doubles as revenue grows 14%
Net income of bourse-listed Hungarian building materials maker Masterplast in the second quarter of 2018 was EUR 1.65 million, up from EUR 0.84 mln in Q2 2017, an earnings report released after market closing on Thursday shows, cited by state news wire MTI.
Sales revenue increased by 14% year-on-year to EUR 26.97 mln, with sales at the thermal insulation system unit, where turnover increased by 7%, accounting for 49% of the total.
Sales were highest in Hungary, reaching EUR 9.27 mln, with 24% growth, followed by export earnings of EUR 4.62 mln, with sales in Romania adding EUR 3.53 mln.
The company was able to expand its turnover in all product groups on the Hungarian market in Q2 2018.
Costs of materials and services rose by 15% to EUR 22.45 mln, while payroll costs jumped 17% to EUR 3.02 mln. However, EBITDA still increased from EUR 1.55 mln to EUR 2.06 mln.
Payroll expenditures were up mainly due to growing fiberglass mesh production in Serbia and an increase in wages in Hungary. Material costs were up because of rising production volume.
Profits from business activities were up 37% at EUR 1.57 mln, and financial profit amounted to EUR 0.16 mln, compared to a EUR 0.18 mln loss in the equivalent period of 2017.
Considering the favorable market climate, MTI reported that Masterplast anticipates further growth for H2 2018, marked by improving manufacturing and operating results.
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