Állami Nyomda first-half profit leaps on higher revenue, receding costs


Hungarian printing-company Állami Nyomda posted net profit of HUF 451.6 million in first half of 2011, up 76.7% yr/yr, as revenue rose 9.6% in H1, while the cost of sales increased only 5.6% during the period, the company's first-half unaudited, consolidated IFRS report published on Tuesday evening showed.

Állami Nyomda generated consolidated revenue of HUF 8.67 billion in the first half of 2011, compared to consolidated revenue of HUF 7.92 billion in H1 of 2010, while the company paid HUF 6.41 billion in direct sales costs during the first six months of 2011, compared to direct sales costs of HUF 6.06 billion during the same period in 2010.

The company's gross margin rose 22.5% yr/yr to HUF 2.27 billion in first half of 2011.

Állami Nyomda generated revenue of HUF 3.31 billion from secure documents products in the first half of 2011, up 21.05% yr/yr, revenue of HUF 1.89 billion from the printing of personal identification cards, up 15.99% yr/yr, and revenue of HUF 424 million, up 9.28% yr/yr, during the period.

The company generated revenue of HUF 2.81 billion from printing forms with personal data and data processing in the first half of 2011, down 3.73% yr/yr.

Állami Nyomda is an A-category issuer at the Budapest Stock Exchange. Formerly the official printing house of the Hungarian government, it was 100% privatized in 1993, but retained its brand name which means "State-owned Printing Press". Its largest shareholders with a 51.12% majority among them are EG Capital, Aegon and Genesis Emerging Markets Opportunities Fund.


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