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Operation according to plan, constant developments at State Printing House

Net sales of State Printing House for the first nine months of 2012 amounted to HUF 12.6 billion which is lower by HUF 0.5 billion (4%) than in the same period of the previous year. Net profit amounted to HUF 448 million.

Changes were caused by the decrease of form production, personalisation and traditional printing products, which was partly compensated by the growth of card production and personalisation. Export sales exceeded HUF 3.1 billion representing a 25% export sales ratio. Consolidated EBITDA is HUF 1175 million, a decrease of 5%, consolidated net profit is HUF 448 million, which shows a decrease of 18% compared to the previous year’s similar period. The lower profit of the third quarter is in line with the plans, and mostly due to the typical seasonality of the industry and the one-off expenditures incurred by rearrangement, rationalisation of Pásztó Plant.�

„Besides stable activity, State Printing House continues its developments. Restructuring of production and value-added products of Pásztó plant resulted in one-off costs that decreased profit at a planned level. However, the consolidation of the Company’s activity and the document security and mobile developments will ensure competitive edge for State Printing House already in 2013. Thud State Printing House will still be a dominant player not only on the domestic but on its regional market as well.”– commented Gábor Zsámboki, CEO of State Printing House.