Listed Hungarian automotive industry company Rába booked a HUF 0.1 billion loss in the first half as revenue fell and margins narrowed, an earnings report shows.
In the base period, Rába booked profit of HUF 2.1 billion. Revenue dropped 14% to HUF 24.8 billion. The ratio of export sales edged up 1pp to 78%.
Rába noted that the stronger forint had a HUF 2.0 billion negative impact on sales during the period. Direct cost of sales fell 12% to HUF 20.5 billion and gross profit slipped 21% to HUF 4.4 billion.
4iG SDT EGY, a member of 4iG Group, holds 74.34% of Rába's shares.
“During the first half of the year, the emphasis was on disciplined operation, efficiency increase and measures laying the foundations for future development. In the second quarter, we continued the work started and paid special attention to Rába’s strategic opportunities and the developments already underway. The superior professional expertise of our staff and the developments launched and measures taken provide a solid basis for the company to embark on a new growth track once the industrial environment becomes more favourable. We trust that the decisions recently taken and the developments started will further strengthen Rába’s market position and value creating capacity in the long run”, Tamás Szabó, Chief Executive Officer of RÁBA Automotive Holding Plc. was quoted as saying in the company's report on the website of the Budapest Stock Exchange.
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