Parts maker Raba on Thursday reported a nine-month net loss of HUF3.26bn forints (US$15.41 million) after a HUF1.78bn net profit in the same period a year earlier.
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According to Reuters, sales revenues rose by 25% to HUF33.28bn forints as exports rose by 25% and costs rose by a more benign 20% to lift Raba’s gross profit by 46%.
But Raba suffered a net financial loss of HUF1.57bn, mostly from hedging deals after a HUF5.62bn profit on similar deals a year earlier.
Raba did not provide separate third quarter data but Reuters calculations show that its net loss was HUF583 million after a profit of HUF198 million a year earlier.
Although nine-month revenues showed rapid growth, third quarter sales totalled just 10.35bn forints, 1% less than a year earlier and 16% less than in the third quarter, the news agency said.
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By GlobalDataThe quarterly revenue drop came as sales by all three of its chief divisions dropped with the parts division leading the way with a 30% decline, Reuters said.
