Listed building materials maker Masterplast had first-half after-tax profit of EUR 5.2 million, improving from a loss of EUR 4.6 million in the base period, an earnings report released ahead of the opening bell on Thursday shows.
Despite the challenging environment, Masterplast Plc. posted one of the strongest first-half performances in its history this year.
Revenue jumped 53% to EUR 100.5 million, boosted by growth of Masterplast's core businesses. In Hungary, turnover increased 110% to EUR 53.2 million.
Masterplast said the sharp increase in raw material prices triggered by the Middle East conflict was only gradually reflected in production costs, thanks to existing inventories and the group's broad raw material supplier base, which supported profitability.
The announcement also noted that production at the glass wool plant in Szerencs continued to ramp up, while sales in Ukraine increased despite difficult operating conditions. Financial results were further improved by the restructuring of the financing structure and the use of hedging transactions, which mitigated foreign exchange exposure.
Capacity utilization at the Group's manufacturing facilities was higher than in the base period at all production
sites except the German nonwoven plant. Improved capacity utilisation also supported more cost-efficient
operations across the manufacturing facilities.
The company stated that the long-term outlook is positively influenced by energy efficiency investments, residential construction and the growing support for affordable housing in Europe and Hungary. They expect that several of the new Hungarian programs promoting building energy efficiency, rental housing construction, and affordable housing could be launched in the second half of the year.
The Group employed 1,164 full-time employees at the end of the reporting period, 13% higher than the headcount of 1,033 in the corresponding period of the previous year. Personnel expenses increased by 29% year-on-year during the quarter. In addition to headcount growth and wage increases, the change in the EUR/HUF exchange rate also contributed to the increase in costs, raising wage expenses by 5.3% on its own.
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