BUDAPEST: Hungarian automotive industry company Rabaʼs second-quarter after-tax profit reached HUF 317 mln, a 21.7% rise compared to the same period last year, according to an earnings report published yesterday, Hungarian news agency MTI reported.
Rabaʼs consolidated IFRS operating profit increased 60.2% to HUF 744 mln. Despite lower revenue, net profit increased due to lower fixed production costs, the falling price of steel and energy and a favorable change in the USD-HUF exchange rate, which lifted export earnings.
Revenue fell 29.4% to HUF 10.6 bln. Domestic sales slumped by 66% to HUF 2.6 bln, while export sales were up 9% at HUF 7.9 bln.
