Higher revenues lift Rába Q1 profit

Telco

Hungarian automotive industry company Rábaʼs first-quarter after-tax profit more than doubled to HUF 396 million, up from HUF 173 mln in the base period as revenues climbed, an earnings report released late Wednesday shows.

Revenues were up 18% at HUF 12.4 billion, state news wire MTI reported. Domestic sales rose 28% to HUF 3.9 bln, while export sales increased 14% to HUF 8.5 bln.

Gross profit rose 20% to HUF 2.8 bln. Operating profit was up 108% at HUF 550 mln.

"This business year has started out strongly for Rába; our operation has been characterized by outstanding sales growth and efficiency," Chairman-CEO István Pintér commented in the report. "The surge in the key European markets, together with our solid financial background, significantly facilitates the expansion of our opportunities to business projects either on our own initiative, or in co-operation with our partners," he added.

Rába had total assets of HUF 38.0 bln at the end of March, up 4% from twelve months earlier, its balance sheet shows. Long-term loans edged down 3% to HUF 4.2 bln.

Rába is listed on the Equities Prime section of the Budapest Stock Exchange (BÉT).

ADVERTISEMENT

Climate change hurts economy, but creates new business oppor... Analysis

Climate change hurts economy, but creates new business oppor...

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Dentons rehires banking and finance partner Appointments

Dentons rehires banking and finance partner

Budapest hosting 2024 Chess Olympiad City

Budapest hosting 2024 Chess Olympiad

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.