Masterplast Q3 profit falls as revenues drop, financial loss grows

MNB

Hungarian building materials maker Masterplastʼs third-quarter net income fell 32% year-on-year to EUR 972,000 on a decline in revenues and higher financial losses, an earnings report published early today shows, Hungarian news agency MTI reported.

Revenue fell 10% to EUR 24.248 million. The company also booked a EUR 259,000 financial loss, up from just EUR 3,000 in the base period. 

In a breakdown of sales by market, Masterplast said turnover in Hungary generated 24% of the total. Sales in Romania made up 16%, while sales in Serbia and Ukraine each accounted for 12%.

Masterplast noted that government measures to boost home construction, including home purchase subsidies and a lower VAT rate for home building, had not yet affected its business. Insulation is installed in the later phases of construction, the company explained, adding that the measures would "significantly improve" the local market as well as its own outlook.

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