BUDAPEST: Hungarian building materials manufacturer Masterplast had first-quarter after-tax profit of €900,000, improving from a net loss of €630,000 in the base period on a big financial gain, the companyʼs consolidated IFRS report published yesterday reveals. Masterplast booked €1.1 million in revenue – most of it unrealized – from financial transactions, mainly on hedges for USD-based purchases and the stronger forint.
Overall, financial profit reached almost €1 million, compared to a more than €600,000 loss in the base period. To avoid further losses on the Ukrainian currencyʼs depreciation, Masterplast borrowed the equivalent of $1.2 million in UAH at the end of 2014, which was used to reduce FX debt in Q1, it noted. Sales revenue edged up 1% to €14.9 million.
