Muskita lifts profit by 18%

Muskita Aluminium Industries Plc released its 9M07 results, with net profit rising by 18.1% to EUR 8.0 mln from EUR 6.8 mln a year ago in the same period. EPS reached EUR 0.0975.

MAI’s revenues increased by 12.0% YoY to EUR 48.72 mln from EUR 43.4 mln in 9M06 and compared to EUR 59.3 mln for the whole of 2006 with the increase mainly attributed to higher volumes in both market segments. Export sales in 9M07 advanced by 24.3% YoY, whilst local sales were up by 4.2% YoY.

At the profitability level, MAI’s gross profit in 9M07 advanced by 9.2% YoY to

EUR 15.0 mln. Gross profit margin, however, deteriorated by 80bps to 30.8% and was due to worsening in local gross margins. Management’s ability to control costs were again instrumental in boosting overall results. Total costs were flat at EUR 6.37 mln from EUR 6.38 mln a year ago.

Bottom line profitability in 9M07 was positively affected by a lower effective taxation charge.