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Hungary Trends – The week in business and finance
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Budapest, August 7 (MTI) – See below MTI’s main business and financial news from the previous week:
MOL Q2 PROFIT RISES 45 PC, LIFTED BY LOWER TAX
MOL reported a 45 percent rise of net income to 83.5 billion forints (EUR 268m) as corporate tax costs fell on the one-off impact of a transition to International Financial Reporting Standards. Revenue fell by 19 percent to 918.4 billion forints. Costs fell by 20 percent to 814.6 billion forints. Earnings per share came to 908 forints.
MAGYAR TELEKOM SALES, PROFIT DROP IN Q2
Magyar Telekom’s Q2 net income fell 14.3 percent to 11.59 billion forints from one year earlier. Revenue fell by 6.5 percent to 148.1 billion forints and EBITDA decreased by 2 percent to 51.15 billion forints. CEO Christopher Mattheisen attributed the revenue drop to the company’s exit of the retail energy market and a temporary drop in Hungary’s use of European Union development funds.
INDUSTRY OUTPUT DOWN 0.3 pc IN YEAR TO JUNE – FIRST READING
Hungary’s industrial output dropped by an annual 0.3 percent according to both unadjusted and calendar-adjusted figures in June after rising by an unadjusted 9.4 percent and a calendar-adjusted 4.4 percent in May. The drop came from a high base, and was widespread among branches. Output fell a seasonally and calendar-adjusted 2.4 percent from May. Read more HERE.
EC WILL NOT START INFRINGEMENT PROCEDURE BECAUSE OF CENTRALISED TOBACCO SUPPLIER
The European Commission (EC) will not start an infringement procedure because of the National Tobacco Supply Company (ODBE) holding an exclusive concession to supply Hungary’s tobacco shops, said János Lázár, the minister heading the Prime Minister’s Office, confirming MTI’s sources. Read more HERE.
RÁBA POSTS RISING REVENUE, EBITDA, FALLING OPERATING PROFIT IN Q2
Hungarian automotive industry company Rába had revenue of 10.93 billion forints in the second quarter of 2016, up 3.1 percent from a year earlier, as EBITDA rose by 17.6 percent to 1.08 billion forints and operating profit dropped by 26.1 percent to 550 million forints, Rába’s IFRS consolidated preliminary report showed.