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Waberer's books Q2 income over EUR 6 mln as turnaround continues

Transport

Listed Hungarian haulage company Waberer's had second-quarter recurring net income of EUR 6.1 million improving from a HUF 11.5 mln loss in the base period as a turnaround at the business continued, Hungarian news agency MTI reports, citing an earnings report by the company.

Revenue jumped 30% to EUR 150 mln. The direct cost of sales rose at a slower clip, increasing 25% to EUR 117.3 mln. Operating profit reached EUR 7.7 mln, after a EUR 2.7 mln loss in the base period.

"We have to continue working hard on sustaining the current model and new business development projects should be launched to further increase the EBIT of the Group in the midterm," CEO Barna Erdelyi said.

Waberer's net leverage ratio, as a multiple of recurring EBITDA, fell to 1.7 at the end of June from 3.1 a year earlier.

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